Thailand’s Kasikornbank Launches $100 Million Fund for Web3 and AI Investments in Asia Pacific
Kasikornbank, based in Thailand, has announced the launch of a $100 million fund called KXVC. The fund will focus on investing in startups in the internet economy of the Asia Pacific region, which is projected to be worth $1 trillion by 2030. In addition to providing capital, KXVC will offer access to corporate resources and insights from the bank’s partners.
The fund, originating from Kasikornbank’s innovation arm, plans to target startups in Israel, the US, Europe, and Asia Pacific. It has previously collaborated with major funds like Singapore-based HashKey Capital.
Privacy Takes Center Stage
KXVC’s investment agenda will prioritize companies involved in Web3 infrastructure, validator node operations, privacy-focused firms utilizing zero-knowledge technology, and the “consumerization” of non-fungible tokens (NFTs). Krating Koonpol, head of KXVC, emphasizes that the fund aims to support global founders in expanding their businesses in APAC through strong synergies with Kasikornbank and its partners.
The fund will also explore opportunities to invest in various artificial intelligence companies. It has previously invested in digital asset advisory firm Cryptomind and Singapore-based multifunction app Grab.
Asia’s Emergence as a Global Hub
In recent months, Asia has become a thriving environment for crypto and Web3-related companies. With increased investments pouring into economic hubs like Hong Kong, South Korea, and Singapore due to regulatory actions against cryptocurrencies in the US, the region is positioning itself as a global nerve center for these technologies.
Gemini Exchange plans to expand its workforce in Singapore by 100, while Korean exchanges such as Upbit, Bithumb, and Coinone have experienced a surge in trading volume. Hong Kong’s crypto legislation has provided clarity for exchanges to obtain licenses, while Europe’s regulatory framework is still in progress.
Additionally, countries like Taiwan and China are making significant strides in artificial intelligence and blockchain technologies. Taiwan is home to the world’s largest chipmaker, TSMC, and Quanta Computer, which supplies servers to OpenAI. Meanwhile, several provinces in China have announced long-term projects focused on the metaverse, blockchain, and Web3 to revamp aging regional infrastructure.
Hot Take: Kasikornbank KXVC Fund Strengthens Asia Pacific’s Position in Web3 and AI
Kasikornbank’s $100 million fund, KXVC, demonstrates the growing prominence of Asia Pacific as a key player in the Web3 and artificial intelligence sectors. With a focus on startups and innovative technologies, the fund aims to support global founders in expanding their businesses in the region. As Asia continues to attract significant investments and foster a thriving ecosystem for crypto and Web3-related companies, it solidifies its position as a global nerve center for these emerging technologies. The launch of KXVC further contributes to the growth and development of the internet economy in Asia Pacific.
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