TechFlow news: K-Bank has announced the acquisition of 97% of the shares in Satang, the parent company of a cryptocurrency exchange, for 3.705 billion Thai baht (102.8 million U.S. dollars).
Upon completion of the transaction, Satang will be renamed Orbix and will establish three subsidiary companies: Orbix Custodian, Orbix Invest, and Orbix Technology.
This announcement follows K-Bank's launch of a $100 million fund to support sectors including web3, fintech, and artificial intelligence, signaling its active expansion into the cryptocurrency business. Additionally, Thailand's Siam Commercial Bank (SCB) is also taking proactive steps in the fields of crypto and web3.
K-Bank has also obtained a license for operating a cryptocurrency exchange and plans to offer a range of cryptocurrency services in Thailand with strong institutional backing. Furthermore, Gulf, a major Thai energy conglomerate, is partnering with Binance through its Gulf Innova fund to launch a regulated local exchange.
