Siam Bank Launches $50M Blockchain Fund

The fund will focus on global early- and growth-stage companies that shape the next generation of financial services and digital systems, the venture capital arm of Thailand's oldest bank says.

Feb 9, 2021 at 1:53 p.m. UTC
Updated Sep 14, 2021 at 12:08 p.m. UTC

SCB 10X, Siam Commercial Bank's venture capital arm, said it has launched a $50 million fund to invest in blockchain, digital asset and decentralized finance (DeFi) startups.

  • The fund will focus on global early- and growth-stage companies that will shape the next generation of financial services and digital systems, the venture capital arm of Thailand's oldest bank announced.
  • The firm's chief venture and investment officer, Mukaya Panich, said blockchain-enabled financial services have the potential to spur financial inclusion, enable open access and encourage innovation
  • SCB 10X has previously invested in Ripple and BlockFi, a cryptocurrency lending platform with $1.5 billion in crypto assets on its books. SCB 10X joined the Series C funding round in August 2020 along with Peter Thiel's Valar Ventures and Winklevoss Capital.
  • More recently, the venture capital firm invested in Alpha Finance, a DeFi platform developing an ecosystem focused on products that can interoperate across different blockchains.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Terra’s LUNA Gains, Then Slides, After Do Kwon's Fork Proposal

Traders sold the tokens even as founder Do Kwon proposed a separate chain to make up for last week’s implosion of UST.

Traders sold the tokens even as founder Do Kwon proposed a separate chain to make up for last week’s implosion of UST.

2
Breaking Barriers to the Web 3 Creator Economy

The latest innovations in blockchain technology are enabling creators to earn more from their work and achieve an unprecedented level of autonomy.

The latest innovations in blockchain technology are enabling creators to earn more from their work and achieve an unprecedented level of autonomy.

3
How Not to Run a Cryptocurrency Exchange

At Japan's Liquid exchange, recently acquired by FTX, warnings were ignored, breaches unreported and employees berated and cursed at, insiders say.

At Japan's Liquid exchange, recently acquired by FTX, warnings were ignored, breaches unreported and employees berated and cursed at, insiders say.

4
Morgan Stanley Warns NFTs Next to Watch After UST Collapse, Bukele Announces Mega Banks Meeting in El Salvador

The most valuable crypto stories for Monday, May 16, 2022.

The most valuable crypto stories for Monday, May 16, 2022.