KBank acquires crypto exchange business Satang, investing in web 3.0 technology and AI fintech.
Thailand’s KBank acquires crypto exchange business Satang

Kasikornbank Acquires Majority Stake in Crypto Exchange Satang

Thailand’s Kasikornbank — one of the largest banks in the country — has taken a step into the cryptocurrency industry by acquiring a majority stake in the local crypto exchange Satang. KBank, as it is also known, has acquired 97% of shares in the operator of Thailand’s Satang crypto exchange, according to an announcement published on Oct. 30 on the website of the Stock Exchange of Thailand (SET).

The acquisition is valued at 3.7 billion Thai baht ($103 million). KBank is making the transaction through its new subsidiary, Unita Capital, which is focused on investment in the web 3.0 and ai fintech industry.

Satang Corporation will now be known as Orbix Trade Company Limited. KBank’s cryptocurrency business will have three divisions: Orbix Custodian, a custody platform; Orbix Invest, a venture arm; and Orbix Technology, a blockchain technology developer.

Investing in Web 3.0

Satang is a renowned Thai cryptocurrency firm that offers a crypto exchange and other digital asset services. Its founder, Poramin Insom, is known for founding the privacy-focused cryptocurrency Firo (FIRO), formerly known as Zcoin.

On Oct. 30, Poramin Insom took to Facebook to announce that Satang has been acquired by Kasikornbank. He stated: “I’ve been with Satang since 2017 until now, six years have passed.” Satang’s other companies include the blockchain service platform Satang Technology and space-related Satang Space.

The Satang CEO also commented that he will continue to do his job without being affected and reassured corporate customers that the existing services will remain the same. He said: “In case Satang’s corporate customers are shocked at what the existing services will be like in the future.”

How Do I Invest in Web 3.0?

Investing in Web 3.0 is a great way to benefit from the latest advances in AI fintech and AI technology. Web 3.0 is the next evolution of the web, and it offers a variety of new opportunities for investors. However, it is important to understand the differences between Web3 and Web 3.0 before investing.

Investors should consider researching the various options available and developing an understanding of the technology before investing in Web 3.0. They should also consider the risks associated with investing in this new technology, as well as the potential rewards. Additionally, investors should consider using Facebook and other social media platforms to stay up-to-date with the latest developments in Web 3.0.

KBank recently announced the launch of a $100 million fund to invest in Web3, fintech and artificial intelligence in September 2023. With respect to assets, KBank is Thailand’s second-largest lender, following Bangkok Bank. Data from the SET shows that Thai NVDR Company Limited is the largest shareholder of KBank. The Stock Exchange of Thailand holds 99.9% of NVDR’s shares.

The bank’s move has sparked a lot of interest in topics such as how to invest in Web 3.0, the future of Web 3.0 and the difference between Web3 and Web 3.0, as well as the implications of Facebook AI and other AI technologies.

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