A leading venture capital firm in Thailand

A leading venture capital firm in Thailand says it is focused on boosting Web 3 adoption in its home country and region by investing strategically in startups that develop core tools to onboard new users.

KX, the venture-building subsidiary of Kasikorn Business Technology Group, today announced that it invested in Magic and Transak earlier this year as part of its overall strategy focused on “decentralized commerce”.

Southeast Asia’s Role in Web 3 Adoption

The company believes that Southeast Asia can play a critical role in its growth and wants to be front and center in that drive. The region already ranks very high in crypto adoption, with Vietnam, the Philippines, and Thailand all ranked as top 10 countries by Chainalysis, a blockchain analysis firm.

The report also notes that crypto activity in the region is driven by commercial activity and decentralized finance (the challenge).

There are also many Web 3 startups in Southeast Asia, such as decentralized gaming platform GuildFi and exchange platforms BitKub and ZipMex Thailand.

At the same time, Thailand is the annual host of the largest annual event in the region, Blockchain Genesis.

Thailand’s Journey in Web 3 Adoption

The Thai government initially had a somewhat icy attitude towards cryptocurrencies. It raised concerns last year when it proposed a 15% capital gains tax on cryptocurrency earnings.

However, the authorities later abandoned this plan under pressure from the vibrant crypto community, and the move only served to cement the country’s reputation as a growing hub for Web3.

Given the high rate of cryptocurrency adoption in Thailand, KX believes that the country can emerge as a leader in decentralized commerce.

This explains its investments in Magic, which provides wallet infrastructure as a service, and Transak, which focuses on onboarding users from web2 to web3.

KX is also the creator of the non-fungible token (NFT) market, Coral, and the cryptocurrency investment platform, Bigfin.

In a press release about her vision, KX said:

“Magic and Transac are both global leaders in decentralized commerce. KX’s investment in these leaders underscores our commitment to spur Web 3 adoption, foster a more secure digital environment, and advocate for user-centered interfaces.”