TL;DR Breakdown
- Thailand’s KBank has launched a $100 million venture capital fund, KXVC, managed by its tech subsidiary Kasikorn Business Technology Group, to invest in Web3 and AI startups globally.
- The fund aims to counter the declining investment volumes in the crypto venture capital market by focusing on high-growth startups in emerging technology sectors.
- KXVC’s global focus, covering the Asia Pacific, the U.S., the EU, and Israel, positions KBank as a leader in technological innovation and could set the stage for future advancements in Web3 and AI.
Description
Thailand’s financial giant, Kasikorn Bank, commonly known as KBank, has made a new move by earmarking $100 million for a venture capital fund. This fund, known as KXVC, is an initiative spearheaded by the bank’s technological division, Kasikorn Business Technology Group (KBTG). With a global reach that includes the Asia Pacific region, the United States, … Read more
Thailand’s financial giant, Kasikorn Bank, commonly known as KBank, has made a new move by earmarking $100 million for a venture capital fund. This fund, known as KXVC, is an initiative spearheaded by the bank’s technological division, Kasikorn Business Technology Group (KBTG). With a global reach that includes the Asia Pacific region, the United States, the European Union, and Israel, the fund aims to inject capital into more than 30 startups and investment funds.
KXVC’s leadership comprises Krating Poonpol, the group chairman of KBTG, and Jom Vimolnoht, the managing director of the fund. The fund’s investment strategy is not confined to a single niche; it spans across various technological domains, including but not limited to, zero-knowledge proofs and liquid staking derivatives. This initiative is an extension of KBTG’s prior venture-building activities under the Kasikorn X (KX) brand, which had partnerships with crypto funds like 1KX, Hashkey Capital, and Symbolic Capital.
The unveiling of KXVC comes at a time when the crypto venture capital market is navigating through turbulent waters. Data indicates that investments in crypto startups have been dwindling for five successive quarters. Despite this, several venture capital funds in the crypto space, such as Kraken Ventures and Electrical Capital, are in the process of raising capital. KXVC aims to defy this downward trend by zeroing in on startups that show promising growth in emerging tech sectors.
Global tech ecosystem: A new chapter
KBank’s decision to launch KXVC is not just a milestone for Thailand but a significant development for the global tech landscape. By focusing on Web3 and AI, the bank is positioning itself as a leader in technological evolution. The fund’s geographical focus is expansive, covering not just the Asia Pacific but also the United States, the European Union, and Israel, indicating a vision that transcends regional limitations.
In a nutshell, KBank’s $100 million KXVC fund is a strategic move that could potentially reshape the contours of investment in Web3 and AI technologies. By navigating a challenging investment environment and focusing on high-growth potential startups, KXVC could serve as a catalyst for innovation and collaboration in the global tech ecosystem. As the world of technology continues to evolve, this initiative could very well set the stage for future partnerships and technological breakthroughs in the Web3 and AI arenas.
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