Kasikorn Bank purchased the majority of the stakes in the Satang crypto exchange and now the bank will rebrand this exchange.
Thailand is a good jurisdiction for the crypto sector, as the country’s government also supports the crypto & blockchain industry. However, cryptocurrencies are not recognized as legal assets for payment purposes but Thai citizens are free to invest in cryptocurrencies with a flat 15% tax rule.
Recently Kasikorn Bank (K-bank), a Thailand-based major traditional bank, purchased 97% stakes in the Satang Crypto exchange.
As per the filing, K-Bank acquired this big amount of stake in this crypto firm for 3.705 billion Thai baht ($102.8 million).
This crypto exchange started to provide crypto services in 2017 and is a known name in the Thai crypto industry. In short, here we can say that K-Bank successfully acquired a successful crypto business and now with the help of integrated traditional banking services it will make it more successful.
As per reports, this deal is not closed yet. After the completion of all formalities & financial settlement between the parties, Satang will be re-branded to Orbix.
Under the new brand company, there will also be three additional subsidiaries, namely Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, a blockchain technology developer.
So here K-Bank is all set with its plan and this is a very big sign that Thailand’s traditional financial institutions are moving toward the crypto sector to survive against the surging competition.
Thai government & blockchain-powered airdrop
In Sep of this year, Bangkok Post reported that the country’s new government distributed 10,000 Thai baht (around $US280) to each citizen via a special blockchain wallet.
Such types of government-level initiates with the help of crypto & blockchain technology are showing the potential ability & trust level of this innovative sector.
Read also: Singapore decides to regulate the crypto sector with 7 countries under a single rule