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As the demand for cryptocurrency investments in the market continues to grow, many financial institutions are actively expanding their services to provide customers with new investment options. According to a report by ""CoinDesk,"" Krungthai Bank, Thailand's second-largest commercial bank, announced today (30th) that it has acquired a 97% stake in the parent company of the local cryptocurrency exchange Satang, clearly demonstrating the determination of traditional finance to enter the cryptocurrency field.
According to a document, the estimated value of this acquisition is 3.705 billion Thai Baht (approximately $102.8 million) and is carried out by Krungthai Bank through its newly established subsidiary ""Unita Capital."" It is said that the mission of this subsidiary is to invest in digital asset companies.
After the transaction is completed, Satang will be renamed Orbix. The new company will also add three subsidiaries: Orbix Custodian, digital asset fund management company Orbix Invest, and blockchain technology developer Orbix Technology.
Satang was founded in 2017 and currently has over 1 million customers, offering trading of more than 45 digital assets. After completing this acquisition, Krungthai Bank told local media that they expect this exchange to capture 20% of Thailand's cryptocurrency market share next year.
About a month ago, Krungthai Bank launched a $100 million fund dedicated to investing in Web3, fintech, and artificial intelligence. On the other hand, Krungthai Bank's competitor, Siam Commercial Bank (SCB), is also aggressively entering the Web3 and cryptocurrency space and has acquired the licensed Thai cryptocurrency exchange Bitkub.
Udomsak Rakwongwan, a professor at Kasetsart University and co-founder of FWX.finance, which received investment from Krungthai Bank, commented, ""KBank is strengthening its presence in the cryptocurrency field, hoping to stand side by side with SCB, as they are both enthusiastic about providing compliant and comprehensive cryptocurrency services.""
He also mentioned that Krungthai Bank recently obtained a cryptocurrency trading license and is actively pursuing ""other cryptocurrency licenses"" in Thailand. |
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Post time 3-11-2023 09:50:18