In a statement, <a href="https://kx.tech" rel="noopener noreferrer nofollow">KX</a> explained that it took part in <a href="https://www.coindesk.com/business/2023/05/31/paypal-ventures-leads-52m-round-for-crypto-firm-magic/" target="_blank" rel="noopener noreferrer nofollow">Magic’s $52 million funding round</a> in May, as well as <a href="https://www.coindesk.com/web3/2023/05/30/web3-payments-firm-transak-raises-20m/" target="_blank" rel="noopener noreferrer nofollow">Transak’s $20 million raise</a> that same month. The goal of both investments is to encourage decentralized commerce, which sits at the heart of a Web3 ecosystem that’s ready for mass adoption. KX is a Web3-focused venture builder that was founded in 2021 by Kasikorn Business Technology Group. 
It’s notable that both startups are focused on making life easier for people who are new to Web3. In the case of <a href="https://magic.link" rel="noopener noreferrer nofollow">Magic</a>, it provides a wallet-as-a-service platform that companies can use to build their own, branded digital wallets. Meanwhile, <a href="https://transak.com" rel="noopener noreferrer nofollow">Transak</a> is all about on-ramps and off-ramps from fiat to crypto, and aims to accelerate the adoption of digital money.&nbsp; 
Southeast Asia is rapidly becoming a <a href="https://techcrunch.com/2022/06/14/crypto-southast-asia-2022/" target="_blank" rel="noopener noreferrer nofollow">hub for crypto</a> and the wider Web3 industry. The region is home to an expanding population with rising income levels and has already become something of a magnet for crypto entrepreneurs, with more than 600 blockchain startups based there, according to a <a href="https://whitestarcapital.medium.com/diving-into-south-east-asias-venture-capital-landscape-in-2022-5e1e66df2f38" target="_blank" rel="noopener noreferrer nofollow">report</a> from White Star Capital last year.&nbsp; 
The demographic in Southeast Asia is very favorable for crypto adoption, with most nations having relatively young populations who have a good understanding of technology and are willing to embrace new ideas. It’s not for no reason that Thailand, Vietnam and the Phippines all ranked in <a href="https://blog.chainalysis.com/reports/2022-global-crypto-adoption-index/" target="_blank" rel="noopener noreferrer nofollow">Chainalysis’s top ten ranking</a> for crypto adoption.&nbsp; 
It’s also notable that a significant percentage of the region’s population remains unbanked, making it a fertile ground for alternative forms of finance such as DeFi. Indeed, DeFi has reportedly flourished across Southeast Asia with its promise of enabling users to earn yield from their crypto investments and access financing through non-traditional means.&nbsp; 
KX said its ambition is to build on this platform and help push the region to the forefront of Web3 adoption. It said its investments are strategic and will help to foster a safer digital environment that’s both intuitive and secure for users.&nbsp; 
“We are deeply invested in unlocking the true potential of the Web3.0 ecosystem,” said KX’s Paul Thanaarmates Arriyavat. He added that the company is looking to nurture a digital landscape that’s both compliant and accessible, so anyone can join.&nbsp; 
Besides its strategic investments, KX has also incubated a couple of <a href="https://kx.tech/venturebuilder" rel="noopener noreferrer nofollow">promising projects</a> of its own. It’s the main backer behind Coral, one of Thailand’s leading NFT marketplaces, and also Bigfin, which provides analytical tools and portfolio management capabilities for crypto traders.

Thai Investment Group KX Backs Promising Crypto Startups

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