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SeaX Ventures Jacks Up $60 Million For Web3 and Blockchain


www.thecoinrepublic.com 05 April 2022 23:01, UTC
Reading time: ~2 m

  • SeaX Ventures, a venture capital organization based in Thailand has secured a $60 Million fundraiser for giving a boost to development of international startups.
  • The organization has made it clear that this fund will be used for Web3 as well as blockchain technology to accelerate their growth in future.
  • In the beginning of this year, Thai government put a proposal on table indicating implementation of 15% taxes on capital gains.

Getting Involved With Web3, Blockchain and More

As per a recent press release, SeaX Ventures gathered $60 Million to assist global startups extend their activities in Southeast Asia. At first, organization established its target at $50 Million, but then got oversubscribed to a new sum.

The organization stated that, it will allocate an element of money to several areas, like foodtech, robotics, biotech and life science, AI, Web3, blockchain technology etc. SeaX Ventures will invest sums between $500,000 to $5 Million in Series A, seed and pre-seed financings.

Remarkable organizations taking part as investors involve BCH Ventures, MC Group PCL, Ramkhamhaeng Hospital PCL, Central Pattana PCL, Singha Ventures, PTT OR International Holdings (Singapore), and more.

PTT OR International Holdings’ President and CEO, Jiraphon Kawswat said that, his firm is always looking to explore new paths to serve their clients. He further added that, making investment in SeaX Ventures widens the horizons and associates them with a handful of most innovative organizations all across the globe.

Managing Partner and SeaX Ventures Founder also gave his insights on this matter, stating that, Southeast Asia is an area having 650 million folks with an integrated GDP of $3 Trillion.

He added that, organization can assist innovative startups globally by putting a turbo in their growth in this vast and dynamic region via their connections with more than 400 corporations.

Thailand’s Vantage Point on Crypto Assets

During the initiation of this year, Thai government put 15% taxes on capital gains on crypto profits. Though there was no complete transparency on this initiative, it was ready to go at some point in 2022.

After around a week, Thailand SEC’s previous Deputy Secretary General, Tipsuda Thavaramara didn’t appear to see eye to eye with that proposal. In her perspective, legislation is impractical and unfair, and will not promote trade.

Another pro-crypto steps coming from “The Land of Smiles” in recent weeks, was a collaboration of Gulf Energy Development Company Ltd. of Thailand and Binance.

Following this integration, the latter pledged to set up a designated subsidiary and make investment directly into virtual currencies.

Web3 is a growing space, and is considered to be the evolution of the internet, will offer a diverse experience to folks, where they will also be able to monetize their time spent there.

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