Thailand-based venture capital firm SeaX Ventures secured a $60 million fundraiser to accelerate the development of global startups throughout Southeast Asia. The company vowed to invest the proceedings in various sectors, including blockchain and Web3.
Engaging With Blockchain via the Latest Fund
A recent press release revealed that SeaX Ventures raised $60 million to help international startups expand their operations in Southeast Asia. Initially, the fund target size was $50 million, but it was oversubscribed to the new total.
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.
Notable corporations that participated as investors include PTT OR International Holdings (Singapore), Singha Ventures, Central Pattana PCL, Ramkhamhaeng Hospital PCL, MC Group PCL, BCH Ventures, and more.
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?
At the beginning of 2022, the Thai authorities proposed the implementation of a 15% capital gains tax on cryptocurrency profits. Despite there being no further clarity on the initiative, it was set to be enforced at some point this year.
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. Shortly after her comments, the authorities abandoned the idea to tax digital asset transactions.
Another pro-crypto move coming from “The Land of Smiles” in the recent weeks was the partnership between Binance and Thailand’s Gulf Energy Development Public Company Ltd. Following the collaboration, the latter vowed to establish a designated subsidiary and invest directly in digital currencies.
Nevertheless, the country banned the usage of cryptocurrencies for payments, citing some undetailed issues.