"SCB 10X" to launch $50m Blockchain, Decentralized Finance, and Digital Assets dedicated VC fund to invest in early and growth stage startups globally
In its latest move to spur its Moonshot Mission even further, SCB holding company SCB 10X is setting its eyes upon strong potential tech companies and startups worldwide to create new capabilities embracing novel technology through investment to generate exponential growth. To further that goal, SCB 10X recently set up a new $50m 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 that, “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.”