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The acquisition comes despite Satang Pro’s penalization in 2022 for faking trading volumes. KBank’s move signals its continued commitment to the crypto sector amidst regulatory scrutiny. As part of the deal, Unita Capital will establish three new divisions: Orbix Custodian, Orbix Invest, and Orbix Technology & Innovation Co. Ltd., all focusing on digital asset services and blockchain development.
This latest step is in line with Thailand’s plans to enhance its crypto tax revenue, despite delays in the rollout of a national digital currency until late Q1 2024. It also builds on KBank’s history of embracing blockchain technology. In 2016, the bank made a landmark application of blockchain technology in partnership with IBM (NYSE:IBM) to enhance transaction speeds and cost efficiency.
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