KBank, a Major Thai Bank, Establishes a $100 Million Web3 and AI Fund

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Last Updated on September 14, 2023 by Bitfinsider

The second-largest bank in Thailand in terms of assets, Kasikorn Bank (KBank), has established a $100 million fund to finance web3 and AI firms.

KBank’s technology division, Kasikorn Business Technology Group (KBTG), expressly established the fund, which goes by the name KXVC, the group announced on Thursday. Jom Vimolnoht, managing director of KXVC, and Krating Poonpol, group chairman of KBTG, will lead it.

The fund will target worldwide deep tech fintech, web3, and AI firms, with a possible emphasis on Asia Pacific (APAC). The fund will consider a variety of web3 technology firms, such as liquid staking derivatives and zero-knowledge proofs.

Prior to establishing KXVC, KBTG ran a venture builder in the web3 and AI sectors called Kasikorn X (KX). NFT platform Coral and cryptocurrency portfolio tracker Bigfin are two of its firms. Additionally, KX has worked with a number of cryptocurrency funds, such as Hashkey Capital, Symbolic Capital, and 1KX. In addition to planning to invest in over 30 businesses and funds worldwide, with a concentration on the US, EU, Israel, and APAC, KXVC now seeks to carry on its KX investment activities.

The introduction of KXVC occurs in the midst of a difficult environment for cryptocurrency venture capital, marked by a decline in investment volumes and pessimistic market attitude. According to a source, investment in cryptocurrency companies has decreased over the past five quarters and is predicted to do so again this quarter. Nevertheless, a number of cryptocurrency firms, such as Kraken Ventures, Electrical Capital, and CoinFund, have raised money or want to raise more.

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