Siam Bank launches a $50 million fund to invest in blockchain

Siam Bank invests in Blockchain with a $50 million fund
  • SCB 10X recently launched a new $50 million fund
  • The fund will be used to invest in the ecosystem of blockchains and decentralized finance (DeFi) startups
  • SCB 10X already holds investments in crypto startups

SCB 10X is a venture capital subsidiary of the oldest Siam Commercial Bank of Thailand. It intends to establish long-term value via investments in exponential technologies and promotions of enthusiastic entrepreneurs. It also works towards delegating the long tail underserved and creating successful collaborations.

Details of the $50 million fund

The holding company of Siam Commercial Bank recently launched a new $50 million fund. The fund will be used to invest in the ecosystem of blockchains and decentralized finance (DeFi) startups. 

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Decentralized Finance (DeFi) is a development that supports decentralized networks to transition the conventional financial products into unreliable and clear protocols. These respective protocols, thus, function without intermediaries.

The earlier version of Blockchain technology just focused on digital trade and bitcoin transactions. Now, it is conquering conventional financial systems. What is leading the crypto market as of now are the Blockchain-based DeFi projects. With the arrival of stablecoin, it is impossible to reverse the process of decentralization in the financial market.

The investment record of SCB 10X

SCB 10X already holds various investments in crypto startups. Some of them are Ripple, BlockFi, and Alpha Finance. The firm wishes to invest in premature and growth-stage blockchain with this new fund. It will also venture into DeFi and various other digital asset startups.

Mukaya Panich’s statement

The chief venture and investment officer at SCB 10X, Mukaya Panich, stated that blockchain-enabled financial services can widen financial inclusion. Moreover, they hold the potential to facilitate open access and uplift innovation. He further explained that the company plans to invest across the capital mold. 

The investments will be directed towards innovative and favorable startups in the blockchain ecosystem, blockchain ingenious applications, and decentralized finance all over the world. The focus will be to prepare the bank for future disturbances. 

DeFi may establish a spot in venture funds

DeFi is likely to establish a devoted spot in venture funds. Spartan Group revealed a new DeFi venture fund worth $50 million yesterday. Meanwhile, China’s Nervos Network also announced a $5 million grant fund to assist DeFi projects earlier today. 

Thus, SCB 10X is eyeing significant potential technology institutions and startups all over the world. It wishes to formulate new capabilities encouraging novel technology through investment to accelerate exponential development.

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Andrew Smith
Andrew is a blockchain developer from his education and developed his interest in the cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer.

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