SCB 10X, the venture arm of Thailand’s Siam Commercial Bank, has launched a new US$50m VC fund dedicated to investing in global early and growth stage blockchain, decentralized finance (DeFi), and digital asset startups.
The venture arm of Thailand’s oldest bank investing such a large sum in digital assets shows the growing institutional interest in DeFi and emerging financial technologies.
SCB 10X has an impressive record of early investment in top companies already operating across the new frontier of finance, including Ripple and cryptocurrency lending platforms BlockFi and Alpha Finance.
“In the financial industry, blockchain-enabled financial services have the potential to broaden financial inclusion, facilitate open access, and encourage innovation." says Mukaya Panich, chief venture and investment officer at SCB 10X. "With our new $50m VC fund, we will invest across the capital stack in innovative and promising startups in blockchain infrastructure, blockchain innovative applications, and decentralized finance globally, to better prepare the bank for future disruption.”