Thailand’s banking giant, Kasikorn Bank, commonly known as KBank, has taken a decisive step into the future by initiating a $100 million venture capital fund. This fund, labeled KXVC, is the brainchild of KBank’s technological subsidiary, Kasikorn Business Technology Group (KBTG). With a global reach that spans the Asia Pacific region, the United States, the European Union, and Israel, the fund is set to invest in more than 30 startups and funds.
KXVC’s leadership comprises Krating Poonpol, who chairs KBTG, and Jom Vimolnoht, the fund’s managing director. The fund’s investment focus is broad but specialized, covering startups that are innovating in areas like 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 has previously partnered with crypto funds such as 1KX, Hashkey Capital, and Symbolic Capital.
The introduction of KXVC comes at a time when the crypto venture capital market is facing headwinds. Investment volumes have been dwindling for five successive quarters, casting a shadow over the crypto startup landscape. Despite this, some crypto funds like Kraken Ventures and Electrical Capital are still in the fundraising stage. KXVC aims to defy this downward trend by zeroing in on startups that show promising growth in emerging tech sectors.
Global tech ecosystem: What this means
KBank’s move to establish KXVC is more than a regional milestone; it’s a global game-changer. By targeting startups in the Web3 and AI sectors, the bank is positioning itself as a leader in technological advancements. The fund’s geographical focus, which extends beyond Asia to include the U.S., the EU, and Israel, suggests a vision that transcends regional limitations. This could pave the way for future tech collaborations and advancements in the Web3 and AI sectors.
In a nutshell, the launch of the KXVC fund by KBank is a strategic maneuver aimed at fostering innovation in Web3 and AI technologies. The fund is designed to navigate the complexities of the current investment landscape by concentrating on startups with high growth potential. As the world of technology continues to evolve, this initiative could act as a catalyst, potentially shaping the future of Web3 and AI technologies.