Image source: KX
Crypto venture firm KX says it’s putting Thailand at the forefront of Web3 development with its latest investments in Magic and Transak. It says it invested in the startups earlier this year as part of a wider push to accelerate its vision around decentralized commerce and Web3.
KX, the venture building arm of Kasikorn Business Technology Group, aims to become a key player in Thailand’s active Web3 scene, which has been aided by the huge popularity of cryptocurrency in the country. According to the 2022 Global Crypto Adoption Index by Chainalysis, Thailand is ranked 8th in the world in terms of crypto adoption and it has emerged as the home for a number of Web3 startups, thanks in part to its reputation as a hub for digital nomads.
The investments in Magic and Transak are strategic, as part of KX’s plan to boost decentralized commerce in the region. Magic is an established crypto wallet-as-a-service provider that enables Web3 developers to create customized w
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