In order to support the development of Web3 and AI in Asia and Israel, Kasikornbank has announced the launch of a new $100 million company.
Kasikornbank of Thailand has set up a Web3 and AI fund with a $100 million first investment to capitalize on the rapidly growing internet economy in Asia and the Pacific, which is predicted to be worth $1 trillion by 2030. Aspiring businesses may have access to the bank’s corporate resources and partner insights in addition to financial backing.
KXVC was founded by Kasikornbank’s innovation unit with a view toward investing in businesses in Israel, the United States, Europe, and Asia. It has collaborated with other large funds including HashKey Capital of Singapore.
Among its top priorities for funding are organizations working on Web 3 infrastructure, validator node operators, zero-knowledge and privacy-focused businesses, and the “consumerization” of NFTs. Krating Koonpol, CEO of KXVC, says:
“In a statement, KBank said, “KXVC will be a stepping stone for global founders to drive their business expansion in APAC with strong synergy with KBank and our partners.”
Kasikornbank KXVC Fund is considering investing in a number of AI startups. Previously, it has backed Cryptomind, an advising business for cryptocurrency, and Grab, a multi-purpose app located in Singapore.
In the last few months, Asia has become a flourishing ecosystem for crypto and Web3-related businesses. Hong Kong, South Korea, and Singapore are major economic centers in the area, and they have all benefited from the US crackdown on cryptocurrencies.
In June, Gemini Exchange announced that it will be adding 100 new jobs to its Singapore location. Trading activity on Korean exchanges Upbit, Bithumb, and Coinone soared in June as multiple US lawsuits hit Binance, the biggest exchange in the world.
Despite being one of the most stringent in the world, Hong Kong’s new crypto law has made it easier than ever for exchanges to be licensed. Europe’s Markets in Crypto-Assets bill, the nearest major Western regime, is still a few months away.
TSMC, the world’s biggest chipmaker, is located on the island of Taiwan, which is located a few thousand kilometers northeast of Hong Kong. Since Quanta Computer, which provides servers to OpenAI, is also located there, the area has the ability to influence the worldwide growth of AI.