Beacon Venture Capital (Beacon VC), the corporate venture capital arm of Kasikornbank PCL (SET: KBANK), announced its investment into a Pre-Series A round of Cryptomind Group Holdings (Cryptomind Group), a leading digital asset advisory and investment business in Thailand. The funding, for an undisclosed amount, will allow Cryptomind to scale up operations in digital asset services including its digital asset advisory services and digital asset fund management in the future.
Mr. Thanapong Na Ranong, Managing Director of Beacon VC, announced that “Beacon VC’s strategic investment in Cryptomind Group opens the door for Beacon VC and Kasikornbank to enter into this new and exciting territory of blockchain and digital assets market. Cryptomind has a very strong reputation within the Thai digital asset communities as well as an impressive organic growth over the past year in its fund management business. Additionally, we are impressed with the founding team who are the thought leaders and key supporters driving the awareness and adoption of digital assets in Thailand”
Cryptomind Group represents Beacon VC’s first direct investment in a digital asset-related businessy. This investment marks the 15th direct investment in startups across Southeast Asia. Beacon VC’s previous investments include Southeast Asia’s fast-growing neobank application Aspire Financial Technologies, global cross-border payment company Nium, ride-hailing and financial services unicorn Grab and automotive marketplace unicorn Carro.
Mr. Akaradet Diawpanich, Founder and Chief Executive Officer of Cryptomind Group Holdings Co., Ltd. (Cryptomind Group) stated that Cryptomind Group is committed to provide Thai investors the opportunity to access and invest safely in a variable model of digital assets, this will also allow Thai investors to explore the world of blockchain and cryptocurrencies. The funding aims to support the development of the platform and deliver outstanding products and innovations in the digital asset world which were selected by a team of experts to provide consumers with more confidence and wider access.
We believe that to have a strong partnership from a financial institution like Kasikornbank will strengthen the company itself as well as provide a channel to bank's customers to have access to digital assets. Apart from this, our vision is to be a one-stop service in global digital assets management, both in consulting and digital asset fund management through our affiliates such as Merkle Capital and Elkrem Capital. In addition, the company expects to have assets under management (AUM) of more than 1,000 million baht after receiving the license from SEC.
Cryptomind Group is a digital asset consulting and investment firm based in Thailand with the goal to provide a one-stop service solution and bring innovative digital asset products to Thai investors. Cryptomind Advisory, one of our subsidiaries, was recently granted the first license for digital asset advisory services from the Securities and Exchange Commission (SEC) to provide advisory services for digital asset investment.
Cryptomind Group provides services across the ecosystem including event management and media with a strong network of key opinion leaders, Cryptomind Advisory for the consulting business of digital asset-related including our GameFi project, GuildFi, we have just raised over $140 from investors around the world. To build on the success and provide Thai investors a convenient and secure way to invest in digital assets managed by the professionals with deep technical and market knowledge, Cryptomind Group has applied for a digital asset fund management license, which the license is still under review by the SEC, through its another subsidiary, Merkle Capital.