Thailand’s biggest bank launches $50 million blockchain fund

SCB 10X, the venture arm of Thailand’s oldest bank, Siam Commercial Bank, is launching a $50 million fund. It will focus on investments in startups aimed at the next generation of financial services and digital systems. CoinDesk reports.

Investments will target early-stage companies involved in distributed ledger technology, digital assets and decentralized finance.

“Blockchain can increase financial inclusion and spur innovation,” commented Mukaya Panich, the Chief Venture and Investment Officer at SCB 10X.

Earlier the firm invested in Ripple and BlockFi. Recently the Siam Commercial Bank’s venture arm invested in the DeFi platform Alpha Finance.

ForkLog previously reported on the launch of venture funds to invest in crypto startups by firms Dan Tapiero ($200 million) and Castle Island Ventures ($50 million).

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