Kasikorn X and HashKey Capital Forge Strategic Alliance to Propel Web3 Innovation in Southeast Asia November 11, 2023 November 11, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsNovember 11, 2023 by Kelly Cromley

Kasikorn X and HashKey Capital Forge Strategic Alliance to Propel Web3 Innovation in Southeast Asia

In a significant move to bolster the development of the Web3 ecosystem in Southeast Asia and Hong Kong, Kasikorn X (KX), the Web3-focused venture capital arm of Thailand’s Kasikornbank, has declared a strategic partnership with Hong Kong-based asset manager HashKey Capital. The collaboration, marked by an investment from KX into HashKey Capital, aims to provide substantial support to startups operating in the digital asset and blockchain sectors.


Investing in Innovation


The partnership underscores a commitment to introduce global projects to the region, fostering an environment conducive to the widespread adoption of blockchain technology. Indirectly commenting on the collaboration, Deng Chao, Head of HashKey Singapore and CEO of HashKey Capital, acknowledged, “KX’s reputation as a Southeast Asian gateway to the world makes them a natural partner for HashKey Capital.”


KX’s Vision and Investment Commitments


KX, known for its Web3-centric focus, has allocated a considerable sum of US$100 million to fuel innovation in the realms of fintech-focused Web3, artificial intelligence (AI), and deeptech projects. This financial injection seeks to propel the growth and evolution of transformative technologies in the Southeast Asian and Hong Kong markets.


HashKey Capital’s Funding Endeavors


Concurrently, HashKey Capital is raising a substantial fund, amounting to US$500 million for its third fund. This ambitious financial endeavor is set to fortify HashKey Capital’s position in supporting groundbreaking ventures within the digital asset and blockchain landscapes. Notably, HashKey Capital has a track record of backing prominent entities such as Animoca Brands, Hex Trust, and Polkadot.


Past Collaborations and Shared Vision


This collaboration between KX and HashKey Capital is not their first joint venture. The two entities had previously joined forces for the Web3 Bangkok Blast expo, an initiative executed in collaboration with Thailand-based digital asset firm Cryptomind. Through such collaborative efforts, KX and HashKey Capital aim to create a symbiotic relationship, leveraging each other’s strengths to further advance the Web3 ecosystem in the region.


A Global Outlook


Collectively, KX has already made over 14 investment commitments on a global scale, demonstrating its commitment to fostering innovation and technological advancements. With a shared vision for the future of Web3, AI, and deeptech projects, the strategic partnership between Kasikorn X and HashKey Capital is poised to play a pivotal role in shaping the technological landscape in Southeast Asia and Hong Kong.


In conclusion, the collaboration signifies a united front in the pursuit of technological innovation, with both entities bringing their financial prowess and industry expertise to the table. The joint dry powder of US$100 million from KX and US$500 million from HashKey Capital underscores their collective dedication to driving positive change in the digital asset and blockchain sectors, setting the stage for a transformative journey in the realms of Web3, AI, and deeptech.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.