KASIKORN X Venture Capital (KXVC), under KASIKORN X (KX) and KASIKORN Business-Technology Group (KBTG), has joined other leading blockchain companies in a seed round investment in ContributionDAO (CDAO), a Web3 financial infrastructure startup, worth more than 100 million Baht. The initiative aims to scale up the digital asset business from the regional to the global stage, with a target of more than doubling digital asset growth in 2024.
Mr. Kampanat Vimolnoht, Managing Director, KXVC, said, “KXVC has joined forces with leading Web3 investors and other angel investors from blockchain companies, including participants from Axelar, Monad, Connext, and other investors, to make a seed round investment in ContributionDAO (CDAO), a key partner that connects the Web3 community in Thailand and around the world. The fund mobilization this time around is valued at more than 100 million Baht or 2.8 million US Dollars, with the aim of elevating the development of regional blockchain systems and services. These include node validators on the blockchain network that serve to verify transactions and manage digital tokens without intermediaries, allowing service users to be non-custodial staking themselves. The current fund mobilization is also intended to develop a decentralized system. CDAO has demonstrated the potential to navigate through periods of high volatility as seen in the past year, proving its acceptance on the global stage. It also embodies the founders’ intention to sustainably and efficiently develop the Web3 community, aiming for asset growth by more than two-fold in 2024.
The amount of fund mobilization during the seed round in the ContributionDAO of more than 100 million Baht is considered a success and is a relatively large amount for early-stage projects within Southeast Asia, where an average of around 35-70 million Baht or around 1-2 million US dollars is typically seen. Following KBTG’s announcement of the KXVC debut in September last year, it has jointly invested in many projects, including both AI and Web3. Becoming a leading investor is presently one of KXVC’s key milestones as it reinforces its position as a gateway to Southeast Asia and as a regional venture capital fund leader to support global founders in AI, Web3 and Deep Tech to enter the Asia-Pacific region.
Mr. Tammaluk Singhapan, Co-Founder and CEO of ContributionDAO, added, “Infrastructure security is the cornerstone for Web3 service providers, node validators and non-custodial staking users. CDAO has been upgraded to be a decentralized platform for digital asset custodial service and staking management for institutions and communities. The funding will be used to develop infrastructure that revolutionizes traditional digital token custody, as well as to expand CDAO’s market share in the Southeast Asian blockchain and staking market.”
ContributionDAO is a Singapore-based startup founded by Thais, offering node validation and non-custodial staking solutions for all blockchain networks, with expertise in being node validators for Layer-1 blockchains. Additionally, its infrastructure can support institutional clients in deploying Web3 – a non-custodial staking innovation shifting to a non-intermediary model. Users can also earn interest by managing digital assets and tokens themselves. Presently, ContributionDAO has over 10,000 million Baht in assets under management (AUM), with more than 10,000 stakers and delegators.
