Image source: KX
Crypto venture firm KX says it’s putting Thailand at the forefront of Web3 development with its latest investments in Magic and Transak. It says it invested in the startups earlier this year as part of a wider push to accelerate its vision around decentralized commerce and Web3.
KX, the venture building arm of Kasikorn Business Technology Group, aims to become a key player in Thailand’s active Web3 scene, which has been aided by the huge popularity of cryptocurrency in the country. According to the 2022 Global Crypto Adoption Index by Chainalysis, Thailand is ranked 8th in the world in terms of crypto adoption and it has emerged as the home for a number of Web3 startups, thanks in part to its reputation as a hub for digital nomads.
The investments in Magic and Transak are strategic, as part of KX’s plan to boost decentralized commerce in the region. Magic is an established crypto wallet-as-a-service provider that enables Web3 developers to create customized wallets, complete with onboarding tools and fiat on- and off-ramps. Meanwhile, Transak is a payment and onboarding infrastructure provider that makes it possible to acquire and sell crypto in a way that feels intuitive to Web2 users. It’s notable that both startups are focused on technology that makes it simple to bring new users into Web3, as per KX’s mission.
Besides investing in promising Web3 projects, KX has also developed its own crypto applications. It’s the creator of one of the most popular NFT marketplaces in Thailand, known as Coral NFT, which makes it possible to buy digital assets with local currency. In addition, it has created an on-chain wealth management app called Bigfin.
KX Venture Director Paul Thanaarmates Arriyavat said the investments in Magic and Transak underscore its commitment to shaping the future of decentralized commerce. “We are deeply invested in unlocking the true potential of the Web3 ecosystem, and by backing these trailblazing companies, we aim to nurture a digital landscape that is secure, compliant and accessible for all,” he said.
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