It has been just revealed the fact that Thailand’s second-largest bank is acquiring a 97% stake in a local BTC crypto exchange. Check out the latest reports about the matter below.
Here is the tweet shared by Bitcoin magazine:
"Kasikorn's support for Bitcoin specifically, as opposed to other cryptocurrencies and digital tokens, is at this time unclear."https://t.co/SrA8baCmC9
— Bitcoin Magazine (@BitcoinMagazine) October 30, 2023
Thailand’s Kasikorn Bank has made a significant move to strengthen its presence in the cryptocurrency sector.
The bank has acquired a 97% stake in Satang Corporation Company Limited, which owns the Satang cryptocurrency exchange.
The deal was valued at 3.705 billion Thai baht (equivalent to $102.8 million) and was carried out through a new subsidiary of Kasikorn Bank called Unita Capital.
This subsidiary was created specifically for investing in digital asset companies, as reported by local news sources.
According to Statista’s data from 2023, Kasikorn Bank is the second-largest bank in Thailand by assets under management.
After the acquisition is finalized, Satang Corporation will undergo a rebranding process and be renamed as Orbix Trade Company Limited.
The newly formed company will not only provide exchange services but also establish three additional subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, a blockchain technology developer.
It is currently unclear whether Kasikorn will support Bitcoin specifically or other cryptocurrencies and digital tokens.
Bitcoin in the news
It has been revealed by more experts that Bitcoin is in the early stages on a new bull market.
According to a recent blog post by crypto analytics firm IntoTheBlock, Bitcoin (BTC) has entered the initial stages of a bull market cycle.
The firm suggests that the market-value-to-realized-value (MVRV) ratio of Bitcoin is showing similarities to previous bear-to-bull market transitions.
“When the MVRV ratio drops below 100%, it shows that Bitcoin is at prices below than the average purchasing price of its holders. Bear markets have tended to bottom when the MVRV drops to 70% to 80%, representing a buying opportunity. Additionally, every time that the MVRV has gone back above 100% after falling below it has pointed to the beginning of a bull market.”
