Thailand’s K-Bank Seals Orbix Deal With $103 Mln Crypto Investment
According to reports, Thailand’s Kasikorn Bank, also referred to as K-Bank, recently announced that it has successfully procured 97% of the shares of Satang Corporation Co. Ltd’s. parent company, a firm offering digital asset exchange services. The aforestated deal has a valuation of a whopping 3.705 billion Thai baht ($102.8 million) and began operations on October 27.
Furthermore, the deal was set up by a new K-Bank auxiliary called Unita Capital, one of the pioneers of the Asian buyout market investing in digital asset companies.
What’s More?
As the deal closes, Satang plans to rebrand itself as Orbix. The newly formed organization will encompass three additional and significant subsidiaries: Orbix Invest (a digital asset fund manager), Orbix Custodian, and Orbix Technology, a blockchain technology developer and curator.
Earlier this year, K-Bank announced plans to raise $100 million in funding, emphasizing the need to target Web3, fintech, and AI development.
Udomsak Rakwongwan, a professor at Kasetsart University and the co-founder of FWX.finance, said that K-Bank is stepping up its game, within the cryptocurrency industry, aligning itself with the SCB (Siam Commercial Bank), one of K-Banks’s biggest rivals. K-Bank’s main objective is to offer a comprehensive range of crypto-related services authorized in Thailand. FWX is a decentralized derivatives platform built on EVM-based chains, with K-Bank as one of the key investors in the project. Moreover, K-Bank has already obtained a crypto exchange license and is setting its sights on acquiring the remaining licenses as well.
Also read: SIT Raids Multiple Spots in India Crypto Scam, Arrests One
Thailand Revolutanizing Crypto Within The Country
Earlier This Year, Thailand announced its plans to revamp its income tax laws revolving around money earned abroad from January 2024. With plans to implement new tax reforms and laws in 2025, the country portrays a warm and welcoming attitude towards crypto.
In addition, Binance, the world’s largest cryptocurrency exchange, recently announced that it had successfully acquired a Digital Asset Operator license in Thailand. With a pioneering partnership from Gulf Innova Co. Ltd., Binance announced the setting up of Gulf Binance in Thailand in May this year.
Also read: Avalanche’s Snowtrace Browser To Halt Operations, What’s Next?
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