Thai VC Fund SeaX Ventures Raised $60M to Invest In Blockchain, Web3

SeaX Ventures, Thailand’s venture capital firm, secured $60 million in fundraising to support the growth of global startups in Southeast Asia. The company pledged to invest in different sectors, including Web3 and blockchain.

Blockchain Engagement via the Latest Fund

SeaX Ventures, an international startup company, has raised $60 Million to expand its operations in Southeast Asia. Initial target was $50 million. However, it was oversubscribed and the new total was reached.

The firm said it will allocate part of the amount to numerous areas, such as blockchain technology, Web3, artificial intelligence, biotech & life science, robotics, foodtech, etc. SeaX Ventures will make investments of between $500,000 – $5 million in pre-seed, seed, and Series A financings.

PTT OR International Holdings Singapore, Singha Ventures Central Pattana PCL Ramkhamhaeng Hospital PCL and MC Group PCL, BCH Ventures are just a few of the notable corporations that have participated as investors.

Jiraphon Kawswat – President and Chief Executive Officer of PTT OR International Holdings – stated that his organization is always seeking new ways to serve customers. “Investing in SeaX Ventures broadens our horizons and connects us with a few of the most innovative companies in the world,” he added.

Speaking on the matter was also SeaX Ventures’ Founder and Managing Partner – Dr. Supachai Parchariyanon:

“Southeast Asia is a region of 650 million people with a combined GDP of $3 trillion. We can help innovative startups from across the world grow exponentially in this large and dynamic area through our relationship with over 400 corporates.”

What is Thailand’s Status on the Crypto map?

The Thai authorities proposed a 15% capital gain tax on cryptocurrency profits at the start of 2022. Although there was no further information, the Thai authorities proposed that a 15% capital gains tax be applied to cryptocurrency profits. However, it was expected to be implemented at some point in 2019.

Nearly a week later, Tipsuda Thavaramara – former Deputy Secretary-General of Thailand’s SEC – disagreed with that proposal. In her view, the legislation is “unfair and unpractical” and will not promote trade. The authorities quickly abandoned the idea of taxing digital assets transactions shortly after she made her remarks.

Another pro-crypto move coming from “The Land of Smiles” in recent weeks was the partnership between Binance and Thailand’s Gulf Energy Development Public Company Ltd. The collaboration was followed by the pledge of Binance and Thailand’s Gulf Energy Development Public Company Ltd to create a subsidiary and invest in digital currencies.

However, the country banned cryptocurrency use for payments due to some unresolved issues.

 

Get latest news from African Startup ecosystem

Latest stories

You might also like...