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.
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Siam Commercial Bank, over a century old, doesn't fail to keep up with the times. Siam Commercial Bank — Thailand's oldest bank, established by royal charter back in 1907 — is cementing its reputation as a strong backer of innovative financial technologies. The institution's venture arm, SCB 10X, has today announced a new $50 million fund that will be dedicated to investments in global blockchain, decentralized finance and digital asset startups in their early and growth stages.The fund is just the latest of Siam Commercial Bank's forays into the blockchain and fintech space. The....
SCB 10X, the venture arm of Thailand's oldest bank, is participating in an $80 million Series C fundraising round for institutional crypto custodian and digital asset platform Anchorage. Just last month, SCB 10X — the venture arm of Siam Commercial Bank — had announced its new $50 million fund dedicated to investments in global blockchain, decentralized finance and digital asset startups. The banking institution is Thailand's oldest bank, established by royal charter back in 1907, and its latest forays into blockchain via SCB 10X are already underway.According to a report on March 5, SCB....
The company that owns Thailand’s Siam Commercial Bank has postponed a deal to acquire a majority stake in Bitkub, the country’s largest cryptocurrency exchange. The decision comes amid tightening crypto regulations that limit growth in domestic crypto trading.
SCB Postpones Acquisition of Thai Crypto Exchange Bitkub
The parent company of Siam Commercial Bank, SCB X, has delayed a 17.85-billion-baht ($487 million) bid to acquire 51% of the largest crypto exchange in Thailand, Bitkub. The bank, which is the kingdom’s oldest lender, postponed the deal....
The bank cited concerns with Bitkub “resolving various issues,” according to recommendations from the country’s Securities and Exchange Commission without a definite timeline. Thailand’s oldest bank has scrapped plans it first announced in November 2021 to become the majority shareholder of crypto exchange Bitkub.In a Thursday announcement, Siam Commercial Bank’s SCB X Group said it would no longer be paying 17,850 million Baht — roughly $536 million in November and $497 million at the time of publication — to acquire a 51% stake in the Thailand-based crypto exchange. The bank cited....
Thailand’s oldest bank sees blockchain and DeFi as the future of global finance and is seeking to invest in the emerging digital landscape. While serious institutional interest in crypto is perhaps becoming more of an established trend than an emerging narrative, the focus of big-money players is usually on Bitcoin (BTC). However, assets like Ether (ETH) and decentralized finance (DeFi) are beginning to pique the attention of major investors.For Siam Commercial Bank (SCB), DeFi is a major focus point of its current digital asset drive, as Thailand’s oldest bank prepares itself for the....