One of Thailand’s leading venture capital firms says it’s focused on boosting web3 adoption in its home country and the region by investing strategically in startups developing essential tools for onboarding new users.
KX, a venture builder subsidiary of Kasikorn Business Technology Group, has today announced that it invested in Magic and Transak earlier this year as part of its comprehensive strategy focused on “decentralized commerce.”
The firm believes Southeast Asia can play a crucial role in its growth and wants to be at the front and center of that drive. The region already ranks very highly in crypto adoption, with Vietnam, the Philippines, and Thailand all rated as the top 10 countries by Chainalysis, a blockchain analysis firm.
The report also notes that crypto activity in the region is driven by trading activity and decentralized finance (defi).
Southeast Asia also has numerous web3 startups, such as the decentralized gaming platform GuildFi and exchange platforms BitKub and ZipMex Thailand.
At the same time, Thailand is the annual host of the region’s largest annual blockchain event, Blockchain Genesis.
Thailand’s government initially had a somewhat icy attitude to crypto. It raised concerns last year when it proposed a 15% capital gains tax on cryptocurrency profits.
However, the authorities later abandoned that plan under pressure from its vibrant crypto community, and the move has only helped enhance the country’s reputation as a growing Web3 hub.
Given Thailand’s high rate of crypto adoption, KX believes the country can emerge as a leader in decentralized commerce.
That explains its investments in Magic, which provides wallet-as-a-service infrastructure, and Transak, which is focused on onboarding users from web2 to web3.
KX is also the creator of the non-fungible token (NFT) marketplace, Coral, and a crypto investment platform, Bigfin.
In a press release outlining its vision, KX said:
“Magic and Transak are both global leaders in decentralized commerce. KX’s investment in these leaders reaffirms our commitment to propelling web3 adoption, fostering a safer digital environment, and advocating for user-centric interfaces.”
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