KX Accelerates Web3 Development in Thailand with Investments in Magic and Transak
Crypto venture firm KX is making significant investments in Magic and Transak to propel Thailand’s Web3 development. As part of its broader vision for decentralized commerce and Web3, KX invested in these startups earlier this year. With Thailand ranked 8th globally in crypto adoption, it has become a hotspot for Web3 startups due to its reputation as a hub for digital nomads. KX aims to solidify its position in this active Web3 scene.
Key Points:
– KX invests in Magic and Transak to boost decentralized commerce in the region.
– Magic offers a crypto wallet-as-a-service that allows Web3 developers to create customized wallets with user-friendly onboarding tools and fiat on- and off-ramps.
– Transak provides a payment and onboarding infrastructure that simplifies the acquisition and sale of crypto for Web2 users.
– Both startups focus on technology that facilitates the entry of new users into Web3, aligning with KX’s mission.
– KX has also developed its own crypto applications, including the Coral NFT marketplace and the Bigfin on-chain wealth management app.
KX Venture Director Paul Thanaarmates Arriyavat emphasized their commitment to shaping the future of decentralized commerce through these investments. Their goal is to create a secure, compliant, and accessible digital landscape for all.
Hot Take
KX’s strategic investments in Magic and Transak demonstrate its dedication to driving Web3 development in Thailand. By supporting these innovative companies, KX aims to foster a thriving ecosystem that embraces decentralized commerce and expands accessibility to Web3 technologies. With Thailand’s growing crypto adoption and reputation as a digital nomad hub, the country is well-positioned to become a leading player in the Web3 space.
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