Thai Venture Capital Firm KX Aims to Boost Web3

KX, a leading venture capital firm in Thailand, is dedicated to driving web3 adoption both in its home country and the Southeast Asian region. To achieve this goal, the firm strategically invests in startups that develop crucial tools to onboard new users into the web3 ecosystem. As part of its comprehensive strategy focused on “decentralized commerce,” KX recently invested in Magic and Transak earlier this year.

Recognizing the potential growth in Southeast Asia, KX aims to position itself at the forefront of this drive. The region has already shown significant interest in cryptocurrencies, with Vietnam, the Philippines, and Thailand being among the top 10 countries in terms of crypto adoption, according to Chainalysis.

Southeast Asia is home to various web3 startups, such as GuildFi, a decentralized gaming platform, and exchange platforms BitKub and ZipMex Thailand. Additionally, Thailand hosts the region’s largest annual blockchain event, Blockchain Genesis.

Initially, Thailand’s government was cautious about cryptocurrencies, proposing a 15% capital gains tax on crypto profits. However, due to pressure from the thriving crypto community, the authorities abandoned the plan, which ultimately bolstered the country’s reputation as a growing web3 hub.

Given Thailand’s impressive rate of crypto adoption, KX believes the country has the potential to emerge as a leader in decentralized commerce. This rationale underpins its investments in Magic, which provides wallet-as-a-service infrastructure, and Transak focused on onboarding users from web2 to web3.

KX also contributes to the web3 space as the creator of Coral, a non-fungible token (NFT) marketplace, and Bigfin, a crypto investment platform. In a press release outlining its vision, KX emphasized that Magic and Transak are global leaders in decentralized commerce, and their investment in these companies demonstrates their dedication to promoting web3 adoption, ensuring a safer digital environment, and advocating for user-centric interfaces.

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