In the present day Siam Business Financial institution subsidiary SCB 10X said it just lately arrange a $50 million enterprise fund for startups within the blockchain, digital asset, DeFi house.
“Within the monetary trade, blockchain-enabled monetary companies have the potential to broaden monetary inclusion, facilitate open entry, and encourage innovation,” mentioned SCB 10X Chief Enterprise and Funding Officer Mukaya (Tai) Panich.
“We see sturdy parallels between conventional finance and blockchain-enabled monetary companies companies. Blockchain know-how could make monetary companies extra revolutionary, interoperable, traceable, borderless, and clear.”
Eight months in the past, we reported that SCB 10X was one of many primary traders in an $80 million Collection C spherical for Thai fintech agency SYNQA. The startup is best identified for its Omise cost options and the blockchain-based OMG Community, previously referred to as OmiseGO.
“With our new $50m Blockchain, DeFi, and Digital Property devoted VC fund, we are going to make investments throughout the capital stack in revolutionary and promising startups in blockchain infrastructure, blockchain revolutionary purposes, and decentralized finance globally, to higher put together the financial institution for future disruption,” mentioned Mukaya.
Siam Business Financial institution launches fund for blockchain, digital asset, DeFiSCB already has a profitable observe document throughout the enterprise blockchain house. SCB subsidiary Digital Ventures labored with Accenture on a massively profitable Procure-to-Pay answer, which Siam Cement Group and others have used. The financial institution additionally developed a Ripple powered app for cross border funds.