Thai bank gives crypto startups cash boost

A Thai bank is giving local crypto startups a boost.

SCB TenX, a holding company in the Siam Commercial Bank group, announced on Tuesday a $50 million allocation towards DeFi (decentralized fnance) startups and digital assets, AMB Crypro reports.

SCB is one of Thailand’s oldest banks and its venture arm, SCB 10X, has in the past invested in several digital asset firms including Ripple, BlockFi, and Alpha Finance Labs.

SCB 10X sees blockchain technology as a bridge between today’s centralized finance and blockchain-based decentralized finance in the future, according to a statement released by the Thailand-based venture capital firm.

Mukyaphanich, chief venture and investment officer of SCB TenX, said, “We will invest in early to growth startups around the world in blockchain-based companies, including application developers related to blockchain innovation.”