SeaX Ventures, a venture capital firm based in Thailand, has raised $60 million to help accelerate the growth of global startups throughout Southeast Asia. The company pledged to invest in different sectors, including Web3 and blockchain.
Blockchain Engagement via the Latest Fund
SeaX Ventures has raised $60 million in a press release to support international startups expanding their operations in Southeast Asia. The initial target fund size was $50,000,000, but the new amount was exceeded by oversubscriptions.
According to the firm, a portion of the money will be allocated to various areas such as Web3, Web3, artificial intelligence and biotech & food science. SeaX Ventures will invest between $500,000 and $5 million in preseed, seed, or Series A financings.
PTT OR International Holdings (Singapore), Singha Ventures and Central Pattana PCL participated as investors. Ramkhamhaeng Hospital PCL was also included. MC Group PCL, BCH Ventures and many more.
Jiraphon Kawswat, President and Chief Executive Officer at PTT OR International Holdings, stated that the organization is constantly looking for new ways to help customers. He said, “Investing in SeaX Ventures broadens my horizons and connects me with a few the most innovative companies around the world.”
SeaX Ventures’ founder and managing partner Dr. Supachai Parchariyanon spoke on the subject.
“Southeast Asia has 650 million inhabitants and a $3 trillion combined GDP. Through our relationships with more than 400 corporations, we can help innovative startups around the globe grow exponentially in this vast and dynamic region.
What is Thailand’s status on the Crypto Map?
The Thai authorities suggested that a 15% capital gains tax be applied to cryptocurrency profits at the beginning 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 that it would be implemented at some point in 2019.
A week later, Tipsuda Thavaramara, former Deputy Secretary General of Thailand’s SEC, resented the proposal. She believes that the legislation is unfair and inapplicable and will not promote commerce. Soon after her comments, authorities dropped the idea of taxing digital asset transactions.
A partnership between Binance’s Gulf Energy Development Public Company Ltd and Thailand’s Gulf Energy Development Public Company Ltd was another pro-crypto move from “The Land of Smiles”. The collaboration was followed by the pledge of the latter to create a subsidiary and invest in digital currencies directly.
The country has banned cryptocurrency payments due to unresolved issues.
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