Kasikornbank, a prominent banking group in Thailand popularly known as 'K-Bank,' has acquired a 97% stake in the holding company of Satang cryptocurrency exchange.

Based on the filing, the deal is valued at THB3.705 billion or $US102.8 million, executed through a newly established K-Bank subsidiary Unita Capital. Unita Capital has been assigned the task of investing in digital asset companies.

CoinDesk has disclosed plans to rename Satang as Orbix once the acquisition is finalized. The newly formed company will include three additional subsidiaries namely Orbix Custodian, Orbix Invest, a digital asset fund manager, and Orbix Technology, a blockchain technology developer.

The announcement followed K-Bank's launch of a $100 million fund that focuses on Web3, Fintech, and AI, which occurred just a month prior.

It has also been revealed that the financial institution has recently obtained a licence for operating a cryptocurrency exchange and is actively pursuing additional licenses for crypto-related activities in Thailand.