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Thailand's Kasikorn Bank, also known as K-Bank, said it had acquired a 97% stake in the parent company of the Satang cryptocurrency exchange, which has been operating in the country since 2017, Golden Finance reported.
The deal, which is valued at 3.705 billion baht ($102.8 million), was done through a new K-Bank subsidiary called Unita Capital, which is tasked with investing in digital asset companies, according to a filing. Upon completion of the transaction, Satang will be renamed Orbix. The new company will also add three new subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager) and Orbix Technology (a blockchain technology developer).