Kasikornbank, Thailand's second-largest bank by assets, today announced the acquisition of a local crypto exchange through a subsidiary.

In a letter filed today to the Stock Exchange of Thailand, Kasikornbank, also known as KBank, said it acquired 97% of the shares of Satang Corporation Co. Ltd, which operates a digital asset exchange, on Oct. 27. KBank plans to rename Satang as Orbix Trade Co. Ltd., the filing said.

The acquisition was made through Unita Capital, a wholly-owned subsidiary of KBank with registered capital of 3.7 billion Baht ($102.8 million), according to the filing. 

Unita Capital has also set up three subsidiaries — Orbix Custodian, Orbix Invest and Orbix Technology & Innovation Co. Ltd. — for its digital asset custodian, fund management and blockchain …