K-Bank leaps into crypto biz

I’m the first to admit that I have only the most vague understanding of cryptocurrencies, and no desire whatsoever to own any, but I was reminded of what Carlie Munger (Warren Buffett’s business partner) opined last year: 

“Sometimes I call it crypto ‘crappo,’ sometimes I call it ‘crypto s---.’ It’s just ridiculous that anybody would buy this stuff,” Munger, 99, told CNBC’s Becky Quick during a livestream of the event, adding: “It’s totally absolutely crazy, stupid gambling.”

From Cryptonews.com

Thailand’s second-largest bank, Kasikorn Bank, widely known as K-Bank, has acquired a 97% stake in the parent company of the established Satang crypto exchange.

This strategic acquisition comes as K-Bank intensifies its efforts in the cryptocurrency sector, aiming to offer a comprehensive range of crypto services that comply with Thailand’s regulatory framework.

The deal, valued at 3.705 billion Thai baht (approximately $102.8 million), was executed through a newly established K-Bank subsidiary known as Unita Capital, Thailand Posts reported.

Unita Capital holds a specific mandate to invest in digital assets companies, aligning with K-Bank’s commitment to expanding its presence in the digital asset and cryptocurrency market.

Once the transaction concludes, Satang will undergo a rebranding process, emerging as Orbix.

This transformation signifies a broader shift in K-Bank’s digital strategy, as Orbix will encompass three additional subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, a blockchain technology developer.

Notably, K-Bank’s rival, Siam Commercial Bank (SCB), has also been actively pursuing opportunities in the web3 and cryptocurrency domains, indicating the growing importance of these areas in the Thai financial landscape.