Sunday, April 18, 2021

Major Thai bank’s venture arm sets up $50M fund to invest in blockchain, DeFi

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Siam Business Financial institution — Thailand’s oldest financial institution, established by royal constitution again in 1907 — is cementing its popularity as a powerful backer of progressive monetary applied sciences. The establishment’s enterprise arm, SCB 10X, has at this time announced a brand new $50 million fund that will probably be devoted to investments in world blockchain, decentralized finance and digital asset startups of their early and progress levels.

The fund is simply the most recent of Siam Business Financial institution’s forays into the blockchain and fintech house. The establishment has beforehand partnered with Ripple on a blockchain-powered cell app and worked with Azimo to use RippleNet for cross-border funds. On condition that Thailand is a major remittances destination, the SCB seems to be effectively conscious of the potential advantages blockchain and different fintech developments stand to supply the nation.

Mukaya Panich, chief enterprise and funding officer at SCB 10X, has hinted at these advantages in his official assertion for the launch of the brand new fund: 

“Within the monetary trade, blockchain-enabled monetary providers have the potential to broaden monetary inclusion, facilitate open entry, and encourage innovation. With our new $50m VC fund, we’ll make investments throughout the capital stack in progressive and promising startups in blockchain infrastructure, blockchain progressive functions, and decentralized finance globally.”

In a current dialogue at REDeFiNE TOMORROW, a worldwide DeFi and Blockchain Digital Summit held in Bangkok in Dec. 2020, Panich engaged with trade members about the way forward for DeFi’s integration with conventional finance and the importance of decentralized governance, amongst different alternatives.

SCB 10X can be an investor in American cryptocurrency lender BlockFi and recently joined forces with with DeFi ecosystem developer Alpha Finance Lab.