Thai banks are battling for the top spot in the Bitcoin and crypto market in the country, and it’s getting very hot.
In a latest move, Thailand’s second largest bank, Kasikorn Bank, has inked a deal to acquire 97% stake in the parent company of one of the main crypto exchanges in the country. The parent company, Satang Corporation Company Limited, owns and controls Satang crypto exchange. The deal was worth $102.8 million.
This Is A Race To Supremacy
There appears to be a battle for supremacy heating up among the major banks in Thailand as they position themselves in the blooming Bitcoin and crypto sector. Kasikorn Bank is the second largest bank in Thailand. While the deal is to have a major stake in the crypto exchange, it’s still not clear whether Kasikorn bank will be supporting other crypto assets besides Bitcoin.
Sometime ago, the SCB (Siam Commercial Bank) tried to improve its market standings by acquiring another rival, but the deal fell through due to regulatory issues. For the current deal, K-bank has formed a subsidiary named Unita Capital that will manage the exchange. Unita Capital will also be the main platform for digital asset investments for the bank and its investors. Satang crypto exchange will also change name to Orbix Trade Company Limited under the new management.
Goal: Hold 20% Of Thai Bitcoin and Crypto Market
K-bank plans to create a few more branches, namely Orbix Invest, Orbix Custodian, and Orbix Technology as part of the group of news companies associated with the crypto exchange. The bank recently held a fundraiser where it raised around $100 million meant for investments in fintech, web3, and AI.
K-bank, along with its crypto-affiliated subsidiaries, plans to control 20% of the crypto market share in Thailand by the the start of 2024. Notably, this bank is joining major investment funds in the Bitcoin and crypto business at a time when most other banks across the world are still wary of Bitcoin and crypto. Meanwhile, there are rumors of a Bitcoin spot ETF being approved in the US soon.
