Thailand's Kasikorn Bank acquires 97% of the cryptocurrency exchange Satang for $103 million, and Satang will be renamed Orbix

ChainCatcher news, according to CoinDesk, Thailand's Kasikorn Bank (K-Bank) has acquired 97% of the shares of Satang's parent company, which has been operating in the country since 2017.

According to a document, the transaction is valued at 3.705 billion baht (approximately $102.8 million) and was completed through a new K-Bank subsidiary called Unita Capital, which is tasked with investing in digital asset companies. After the transaction is completed, Satang will be renamed Orbix. The new company will also add three subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund management company), and Orbix Technology (a blockchain technology developer).