Flame animation

Hottest new
meme coin

Flame animation
Coin spinning animation

100x potential

Shiba Memu Roll-out Logo BUY NOW

Crypto venture firm KX invests in crypto startups Magic and Transak

on Aug 2, 2023
  • KX is a venture builder associated with Kasikorn Business Technology Group.
  • KX is establishing itself as a prominent player in Thailand’s emerging Web3 scene.
  • Thailand is home to Asia’s biggest annual event, Blockchain Genesis.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

KX, a crypto venture firm, is supporting the startups Magic and Transak in an effort to make a name for itself in Thailand’s developing Web3 scene.

With its young population demographics and high rates of crypto adoption—the Philippines, Vietnam, and Thailand all ranking in the top 10 countries in the world—Southeast Asia is notable as a region that has demonstrated a strong interest in Web3. Meanwhile, many SEA nations have lax visa policies that make them desirable locations for digital nomads.

  • Save

KX’s growing crypto investment portfolio

Copy link to section

The investments into Magic and Transak add to the growing portfolio of Web3 businesses that already includes the cryptocurrency portfolio tracker Bigfin and the NFT marketplace Coral. All these businesses highlight KX’s dedication to supporting the technologies and tools people need to engage with decentralised finance and Web3.

On its part, KX through its venture director Paul Thanaarmates Arriyavat said:

  • Save

“Our strategic investments… represent KX’s commitment to shaping the future of decentralized commerce.”

Thailand’s Web3 industry

Copy link to section

Thailand is perhaps more of a jack of all trades, being home to a wide variety of cryptocurrency startups and projects, in contrast to Vietnam, which is known primarily for its high concentration of developers, Singapore, which has VC firms, and Indonesia, which has a thriving community of NFT artists.

For instance, Bitkub, the largest cryptocurrency exchange in the nation, is involved in a number of Web3 projects, including its own metaverse, Layer-1 blockchain, NFT marketplace, and fan tokens, to name a few.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

The largest annual event in the region, Blockchain Genesis, is also held in Thailand. The sixth annual conference will be held later this year and it draws both domestic and foreign attendees.

In light of this, KX has ambitious plans to develop its own ecosystem of Web3 startups centred on the concept of “decentralised commerce,” and its investments in Magic and Transak are an important part of that.

Magic provides a wallet-as-a-service infrastructure for businesses looking to develop their own digital wallets, whereas Transak focuses entirely on facilitating Web3 onboarding. Both platforms are essential to KX’s strategy to hasten Web3 adoption in Thailand and elsewhere.

  • Save

Get started in crypto easily by following crypto signals & charts by pro-trader Lisa N Edwards. Sign-up today for easy-to-follow trades for tonnes of altcoins at GSIC.

  • Save
  • Save