Siam Bank's VC arm to invest $50 million in blockchain and DeFi startups

SCB 10X, the venture capital unit of Thailand's oldest Siam Commercial Bank, has launched a new $50 million fund to invest in blockchain and decentralized finance (DeFi) startups.

SCB 10X is already an investor in crypto startups such as Ripple, BlockFi, and Alpha Finance. With the new fund, the firm looks to invest in early and growth-stage blockchain, DeFi, and digital asset startups.

"Blockchain-enabled financial services have the potential to broaden financial inclusion, facilitate open access, and encourage innovation," said Mukaya Panich, chief venture and investment officer at SCB 10X. "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."

DeFi appears to be finding a dedicated place in venture funds. Yesterday, Spartan Group unveiled a new $50 million DeFi venture fund. Earlier today, China's Nervos Network launched a $5 million grant fund to support DeFi projects.