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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.
Par Jamie Crawley
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.
See also: BlockFi Raises $50M From Universities, NBA Star, Others as Crypto Lending Soars
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