Kasikornbank, one of the largest banks in the Kingdom of Thailand, has entered the cryptocurrency industry through the acquisition of a majority stake in local crypto exchange Satang. The exchange will receive a new name – Orbix.

KBank acquired a 97% stake in the operator of the Thai crypto exchange Satang for 3.7 billion Thai baht (about $103 million). The transaction was carried out through a new subsidiary of the bank – Unita Capital. The company specializes in investments in digital assets. Now the exchange will change its name to Orbix Trade Company. To develop the cryptocurrency business, Kasikornbank will form three subsidiaries: the custodial platform Orbix Custodian, the venture division Orbix Invest and the blockchain solutions development company Orbix Technology.

The announcement of the Satang acquisition comes just a month after K-Bank created a $100 million investment fund to develop Web3 projects, fintech and artificial intelligence (AI). The launch of the fund should help Kasikornbank compete with rival Siam Commercial Bank (SCB), which is also developing Web3 projects.

Satang founder Poramin Insom said that the company’s activities also include the blockchain service platform Satang Technology and the company Satang Space, which studies space technologies. The businessman is also known for launching the privacy cryptocurrency Firo (FIRO), formerly called Zcoin. Poramin Insom announced that through the acquisition of the exchange, KBank will be able to offer its customers the full range of cryptocurrency services permitted in Thailand.

Several years ago, KBank, together with the Stock Exchange of Thailand, began exploring the possibilities of decentralized finance (DeFi) for lending.