SCB 10X, the venture arm of Thailand’s oldest bank, is participating in a $ 80 million Series C fundraising tour for corporate crypto custodian and digital asset platform Anchorage.
Last month, SCB 10X, the venture arm of Siam Commercial Bank, announced its new $ 50 million fund dedicated to investments in global blockchain, decentralized finance and digital asset ventures. The banking institution is Thailand’s oldest bank, founded by royal charter in 1907, and its recent attempts to blockchain through SCB 10X are already underway.
According to a report released on March 5, SCB 10X is contributing to the last $ 80 million C Series collected by Anchorage, a crypto custody and digital asset platform that received the United States’ first federal digital asset banking contract earlier this year.
The number is not determined
Series C was managed by Singapore’s sovereign wealth fund GIC, with investments from a16z, Blockchain Capital, Lux Capital and Indico Capital. The report on SCB 10X’s participation does not reveal the amount contributed by the fund, but Mukaya Panich, chief venture and investment officer, gave some clues about the importance of SCB 10X’s choice of Anchorage:
“We look forward to bringing Anchorage’s top-notch cryptocurrency custody solutions to Siam Commercial Bank’s customer base seeking to reach digital assets and other potential users in Southeast Asia.”
Panich has been actively involved in discussions with blockchain industry members about the future of traditional finance and DeFi integration. Before the creation of its private fund, SCB 10X had already invested in American cryptocurrency lender BlockFi and collaborated with Alpha Finance Lab in November last year.