Thailand Oldest Bank Launches $50 million Blockchain Fund for Startups
Thailand’s oldest bank Siam Commercial Bank (SCB), has launched a $50 million fund for blockchain, DeFi, and Digital Startups. This development is expected to contribute to the growth of startups in Thailand.
$50 Million Digital Fund
Siam Commercial Bank revealed today that venture arm SCB 10X would execute the $50 million funds. SCB 10X will select startups in these sectors and participate in seed and incubate projects. SCB 10X has experience investing in companies within the cryptocurrency niche. The venture-fund ended in the early days of cross-border payment network Ripple and lending platforms BlockFi and Alpha Finance.
SCB 10X intends to expand its investment towards new companies that could revolutionize the blockchain and decentralized finance sectors. The Thai bank is regarded as one of the biggest and has focused on developing the digital asset industry in the Asian nation.
Chief venture and investment officer at SCB 10X stated that blockchain-based financial services could broaden financial inclusion and encourage innovation. “In the financial industry, blockchain-enabled financial services have the potential to broaden financial inclusion, facilitate open access, and encourage innovation.”
He further explained that the venture would invest across different startups in the blockchain sector. “we will invest across the capital stack in innovative and promising startups in blockchain infrastructure, blockchain innovative applications, and decentralized finance.” He added.
Institutional Investment Reaches Record Highs
The blockchain and cryptocurrency industry has witnessed massive investment from institutions in recent months. The year 2020 recorded a significant upturn in the number of financial institutions invested in the blockchain industry.
Payment processing giant PayPal revealed the addition of cryptocurrencies to its payment platform last October. This year is no different as more institutions have opened crypto trusts or added crypto payments to their platforms. Leading Car manufacturer Tesla revealed on February 8 the purchase of $1.5 billion worth of bitcoins.
There are also speculations that tech giant Apple could be the next major institution to invest in cryptocurrencies. These developments represent great news for the blockchain industry that is still growing.