The venture capital (VC) arms of Kasikornbank (KBank) and Bank of Ayudhya (BAY) have participated in a US$5-million (about 160 million baht) fundraising to support decentralised finance (DeFi).
KBank's Kasikorn X and Krungsri Finnovate from BAY, a member of the Mitsubishi UFJ Financial Group, took part in the $5 million seed funding round of Forward, a Thai digital asset and blockchain startup focusing on protocol development for a decentralised derivative exchange and DeFi platform.
Together with RPVAF-1, a global VC fund under Primestreet Capital, as well as Ratanakorn Technology Group, GBV Capital and Varys Capital, the fundraising was closed within six months despite economic uncertainty and high volatility in the digital asset landscape.
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