Kasikorn Bank (KBank), Thailand's second largest bank, has acquired a 97% stake in the parent company of local cryptocurrency exchange operator Satang.
The transaction has been made through an affiliate of Unita Capital. The company has reportedly paid a total of THB 3.7 billion ($102.8 million).
Satang, which has more than 1 million customers, was launched back in 2017.
After the acquisition, the exchange will be renamed Orbix. The new company will also have three other subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager) and Orbix Technology (a blockchain technology developer).
The institution expects to capture 20% of the digital asset market in Thailand by 2024.