GuildFi

One of Thailand’s leading venture capital firms says it’s focused on boosting web3 adoption in its home country and the region by investing strategically in startups developing essential tools for onboarding new users.&nbsp; 
<a href="https://kx.tech" target="_blank" rel="noopener noreferrer nofollow">KX</a>, a venture builder subsidiary of Kasikorn Business Technology Group, has today announced that it invested in &nbsp;<a href="https://magic.link" target="_blank" rel="noopener noreferrer nofollow">Magic</a>&nbsp;and&nbsp;<a href="https://transak.com" target="_blank" rel="noopener noreferrer nofollow">Transak</a>&nbsp; earlier this year as part of its comprehensive strategy focused on “decentralized commerce.” 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh4.googleusercontent.com/H-hBmoitmeGCkucVuwtJdSZqRqN8nce7VZB4n_5E4jYiitWOCek5XGhrBkDZIn4SmwVGRGRpuQaQhPhtx1zmzsjSdor1Up7-XgYHSfVUJQmCArAtYZ7Rv1qFf2P_FpGLxTjQBc3xRvBdhM4YLPCK5kPQNnla0DKJIshtp5yGt8E6vq7Xn17C2M2R-Kbz2g" alt="KX drives web3 adoption with crypto startup investments - 1"> 
</figure> 
The firm believes Southeast Asia can play a crucial role in its growth and wants to be at the front and center of that drive.&nbsp;The region already ranks very highly in crypto adoption, with Vietnam, the Philippines, and Thailand all rated as&nbsp;the <a href="https://blog.chainalysis.com/reports/2022-global-crypto-adoption-index/" target="_blank" rel="noopener noreferrer nofollow">top 10</a> countries&nbsp;by Chainalysis, a blockchain analysis firm. 
 You might also like: <a href="https://crypto.news/vietnam-second-largest-asean-crypto-holder/" rel="noopener noreferrer nofollow"> Vietnam second largest ASEAN crypto holder </a> 
The report also notes that crypto activity in the region is driven by trading activity and decentralized finance (defi).&nbsp; 
Southeast Asia also has numerous web3 startups, such as the decentralized gaming platform GuildFi and exchange platforms BitKub and ZipMex Thailand.&nbsp; 
At the same time, Thailand is the annual host of the region’s largest annual blockchain event, Blockchain Genesis.&nbsp; 
 You might also like: <a href="https://crypto.news/thailand-sec-to-implement-tighter-regulations-for-crypto/" rel="noopener noreferrer nofollow"> Thailand SEC to implement tighter regulations for crypto </a> 
Thailand’s government initially had a somewhat icy attitude to crypto. It raised concerns last year when it&nbsp;<a href="https://cryptopotato.com/thailand-reportedly-plans-to-levy-15-a-capital-gains-tax-on-crypto-profits/" target="_blank" rel="noopener noreferrer nofollow">proposed</a>&nbsp;a 15% capital gains tax on cryptocurrency profits.&nbsp; 
However, the authorities later&nbsp;<a href="https://cryptopotato.com/thailand-presents-more-relaxed-plans-for-cryptocurrency-taxation-report/" target="_blank" rel="noopener noreferrer nofollow">abandoned</a>&nbsp;that plan under pressure from its vibrant crypto community, and the move has only helped enhance the country’s reputation as a growing Web3 hub.&nbsp; 
Given Thailand’s high rate of crypto adoption, KX believes the country can emerge as a leader in decentralized commerce. 
That explains its investments in Magic, which provides wallet-as-a-service infrastructure, and Transak, which is focused on onboarding users from web2 to web3.&nbsp; 
KX is also the&nbsp;<a href="https://kx.tech/venturebuilder" target="_blank" rel="noopener noreferrer nofollow">creator</a>&nbsp;of the non-fungible token (NFT) marketplace, Coral, and a crypto investment platform, Bigfin.&nbsp; 
In a press release outlining its vision, KX said: 
<blockquote class="wp-block-quote"> 
 “Magic and Transak are both global leaders in decentralized commerce. KX’s investment in these leaders reaffirms our commitment to propelling web3 adoption, fostering a safer digital environment, and advocating for user-centric interfaces.”&nbsp; 
</blockquote> 
 Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

KX drives web3 adoption with crypto startup investments

crypto.news

Other articles published on Aug 2, 2023

Federal judge dismisses Ripple ruling in Terra case

Bitcoin – How to derive the keys from the twelve words?

Uniswap (UNI) Price Prediction 2024, 2025, 2026-2030

Ripple’s Lawyer Reflects On Terra Judge’s Stance On XRP Ruling

Bitcoin Surges to Near $30K as MicroStrategy Reveals Stock Sale, BTC Purchase Strategy

OKX Wallet Launches Smart Account Feature, Enabling $USDT and $USDC Gas Fee Payments

Join our free newsletter for daily crypto updates!