Cryptomind Group founder and CEO Akaradet Diawpanic
Beacon VC, the corporate VC arm of Kasikornbank, has announced an undisclosed investment into Cryptomind Group Holdings, a digital asset advisory and investment business in Thailand.
The pre-Series A funding will allow Cryptomind to scale operations in digital asset services, including its digital asset advisory services and digital asset fund management in the future.
Thanapong Na Ranong, MD of Beacon VC, said: “Our strategic investment in Cryptomind Group opens the door for Beacon VC and Kasikornbank to enter this new and exciting territory of blockchain and digital assets market. Cryptomind has a solid reputation within the Thai digital asset communities and an impressive organic growth over the past year in its fund management business.”
Cryptomind Group started in 2017 as a community builder in digital assets by collecting news articles, conducting research, initiating events and other media on digital asset investments.
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In its current form, Cryptomind Group is a digital asset consulting and investment firm that provides a one-stop service solution and brings innovative digital asset products to Thai investors. The group also provides services across the ecosystem, including event management and media with a network of key opinion leaders.
Cryptomind Advisory, one of its subsidiaries, was recently granted a license for digital asset advisory services from the Securities and Exchange Commission (SEC) to provide advisory services for digital asset investment.
The company expects to have assets under management of more than 1,000 million baht after receiving the license from SEC.
The group has also applied for a digital asset fund management license to provide Thai investors with a convenient way to invest in digital assets managed by professionals with deep technical and market knowledge. The license is still under review by the SEC.
The group’s vision is to become a one-stop service in global digital assets management — both in consulting and digital asset fund management –through its affiliates such as Merkle Capital and Elkrem Capital.
Akaradet Diawpanich, founder and CEO of Cryptomind, said: “We are committed to providing Thai investors with the opportunity to access and invest safely in a variable model of digital assets. It will also allow Thai investors to explore the world of blockchain and cryptocurrencies. The funding aims to support the platform’s development 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.”
Cryptomind Group represents Beacon VC’s first direct investment in a digital asset-related business and the 15th direct investment in the region.
Beacon’s previous investments include neobank Aspire Financial, global cross-border payment company Nium, ride-hailing and financial services unicorn Grab, and automotive marketplace unicorn Carro.
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