Thailand’s Kasikorn Bank Buys Satang Crypto Exchange: Orbix Emerges!

Thailand's Kasikorn Bank Acquires Majority Share in Satang Crypto Exchange for $103M

Kasikorn Bank of Thailand acquires majority ownership of Satang Crypto Exchange for a whopping $103M.

In a sensational move that sent shockwaves through the digital asset world, Thailand’s Kasikorn Bank, affectionately known as K-Bank, has acquired a whopping 97% shares in the parent company of Satang crypto exchange. This audacious deal, valued at a staggering 3.705 billion Thai baht (approximately $102.8 million), was made through K-Bank’s new subsidiary, Unita Capital. Talk about investing in style!

But wait, there’s more! As the dust settles on this game-changing acquisition, a complete transformation is on the horizon. Satang, in all its cryptocurrency glory, will soon be rebranded as Orbix, a name that resonates with power, change, and the cosmic dance of blockchain technology. It’s like changing into a superhero suit and emerging with a whole new universe of possibilities!

Orbix, not content with being just another run-of-the-mill crypto exchange, has big plans. Brace yourselves for the introduction of three power-packed subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager), and the grand finale, Orbix Technology, a blockchain developer with the power to shape the future. It’s an all-star cast, working together to provide a symphony of digital innovation and financial prowess.

This jaw-dropping announcement comes hot on the heels of K-Bank’s daring $100 million fund launch, aimed squarely at web3, fintech, and AI enthusiasts. Oh, and let’s not forget that K-Bank’s rival, Siam Commercial Bank (SCB), is also jumping headfirst into the web3 and crypto explosion. Talk about a race to the moon!

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According to Udomsak Rakwongwan, Professor Extraordinaire at Kasetsart University and co-founder of FWX.finance (another brilliant K-Bank investment), K-Bank is dead set on becoming a major player in the cryptocurrency sector. With sights firmly set on offering a full spectrum of crypto services permitted in Thailand, they are blaze a trail alongside SCB.

In an exclusive interview with CoinDesk, Rakwongwan revealed that K-Bank has already locked down a coveted crypto exchange license and is actively chasing the remaining licenses in the Thai market. And the cherry on top? The Thai market is a haven of institutional support, a crypto paradise ripe for the taking.

Don’t think for a second that SCB and K-Bank have the monopoly on Thai crypto adventures. The energy giant Gulf is stepping up to the plate with a joint venture with none other than Binance itself. Yes, you heard it right! Gulf Innova fund, backed by the deep pockets of the Thai billionaire, is bringing a regulated, local version of the exchange to the market. It’s a clash of industry titans, a battle with life-altering consequences for all involved.

As Rakwongwan aptly put it, “The cryptocurrency business in Thailand is set to become more competitive as major players stake their claim.” The entrance of these giants, armed with colossal capital and untamed influence, might just pose survival challenges for smaller players in the field. Fasten your seatbelts, folks, it’s going to be a wild ride!

In a statement provided to local media, K-Bank expressed its ambitious, even audacious, goal of capturing an astonishing 20% of the crypto market share in Thailand by 2024. It’s a bold declaration, one that sets the stage for a fierce battle that will determine the future of digital asset supremacy in the Land of Smiles.

So, dear readers, whether you’re a seasoned digital investor or a curious observer looking to ride the crypto wave, pay close attention to this thrilling saga unfolding in Thailand. It’s a clash of financial powerhouses, a race to carve out a digital empire, and you have a front-row seat. Who will emerge victorious and claim their stake in this mesmerizing landscape? Only time will tell.

Stay tuned for more electrifying updates and brace yourself for a rollercoaster ride unlike any other. The future of Thai crypto is here, and it’s ready to leave you breathless.

Written by BlockChainBoss 🚀. Buckle up, investors, it’s time to blast off to the moon! 🚀🌕

Article edited by Parikshit Mishra, the Moonwalker Editor 🌙🖋️

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