SCB 10X sets $50m blockchain, DeFi and digital assets dedicated VC fund
By Edil Corneille
In its latest move to spur its Moonshot Mission even further, Siam Commercial Bank (SCB) holding company, SCB 10X, is setting its eyes upon strong potential technology companies and startups worldwide to create new capabilities embracing novel technology through investment to generate exponential growth.
To further thi goal, SCB 10X recently set up a new $50 million blockchain, DeFi (decentralized finance), and digital assets dedicated VC fund to invest in both early and growth stage startups globally, particularly promising startups in blockchain infrastructure for DeFi and digital assets, to ready the bank for the digital financial systems of the future.
Speaking about the new investment project, SCB 10X Chief Venture and Investment Officer Mukaya (Tai) Panich said, “Blockchain technology can reduce transaction costs, facilitate distributed trust, enhance security, and potentially become the new foundation for centralized and decentralized business models and platforms. In the financial industry, blockchain-enabled financial services have the potential to broaden financial inclusion, facilitate open access, and encourage innovation. We see strong parallels between traditional finance and blockchain-enabled financial services businesses. Blockchain technology can make financial services more innovative, interoperable, traceable, borderless, and transparent.”
Mukaya added that, “With our new $50m Blockchain, DeFi, and Digital Assets dedicated 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.”
SCB 10X was established in January 2020 with ‘The Moonshot Mission’ to achieve exponential growth through technology innovations and investments beyond banking via its three arms: Venture Builder, Venture Capital and Strategic Investment & Partnership.
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