Thailand’s second-largest bank, Kasikorn Bank, has purchased a majority stake in the parent company of the cryptocurrency exchange Satang. The deal, valued at 3.70 billion Thai Baht or $102.8 million, was announced after Kasikorn Bank recently obtained a cryptocurrency exchange license and announced a $100 million fund targeting Web3, fintech, and artificial intelligence.
Kasikorn Bank recently made headlines by obtaining a noteworthy cryptocurrency exchange license and launching a $100 million fund targeting Web3, fintech, and artificial intelligence.
Banks and Cryptocurrencies
The popularity of cryptocurrencies has triggered a significant change in the financial sector. Many banks are interested in researching and integrating cryptocurrencies and blockchain technology further. As expected, the moves of banks regarding cryptocurrencies vary depending on the country, regulations, and the bank’s own strategies.
Many major banks today offer cryptocurrency trading services to their customers. This allows customers to buy and sell cryptocurrencies through their bank accounts. They offer these services by collaborating with major trading platforms and liquidity providers. Some banks also offer digital wallet and custody services to help customers securely store their cryptocurrencies. Some banks create specialized investment funds that indirectly allow customers to invest in cryptocurrencies. These funds are considered an important option for customers who want to invest in cryptocurrencies.
Furthermore, many banks now provide research reports and analysis on the cryptocurrency market. This helps customers gain more information about cryptocurrencies. Banks are also taking steps to use blockchain technology more in their financial services. Blockchain enables transactions to be conducted in a more secure, fast, and transparent manner.
