Kasikorn Bank (KBank), Thailand's second-largest bank by assets, launched a $100 million fund to invest in web3 and AI startups.
bank by assets, has launched a $100 million fund to invest in web3 and artificial intelligence startups.
The fund, dubbed KXVC, has specifically been set up by KBank's tech arm, Kasikorn Business Technology Group , the group said Thursday. It will be led by Krating Poonpol, group chairman of KBTG, and Jom Vimolnoht, managing director of KXVC. The fund will target AI, web3, and deep tech fintech startups globally with a potential focus on Asia Pacific . Within web3, the fund will look at a range of technology startups, including zero-knowledge proofs and liquid staking derivatives.
Before setting up KXVC, KBTG had also been operating Kasikorn X , a venture builder in the web3 and AI spaces. Its startups include NFT platform Coral and crypto portfolio tracker Bigfin. KX itself has also collaborated with various crypto funds, including 1KX, Hashkey Capital and Symbolic Capital. KXVC now aims to continue KX investment activities and plans to invest in over 30 startups and funds globally with geographic focuses in the U.S., EU, Israel and APAC.
The launch of KXVC comes amid a challenging crypto venture capital landscape, characterized by a downturn in investment volumes and bearish market sentiment. Investment in crypto startups has declined for five consecutive quarters and is expected to continue falling in the current quarter, according to The Block Research.
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