Venture Arm of Thai Bank to Invest in Anchorage

It was just a month ago when it was announced that Siam Commercial Bank’s venture arm “SCB 10X” would be making a huge investment in global blockchain. The firm had confirmed that the amount of money it was going to invest in blockchains would be its new fund that is $50 million.

The firm had revealed that apart from the blockchain networks, it would also invest in digital asset and decentralized finance startups. For those not fully familiar with Siam Commercial Bank, it is the oldest bank in Thailand that is still in operation.

It was back in 1907 when the Siam Commercial Bank was established by the royal charter. Although Siam Commercial Bank is the oldest in Thailand as well as the most traditional, still it has decided to venture into the blockchain sector.

Following the announcements, the firm has already started expediting the processes of adopting the crypto-blockchain technologies. The venture arm that the Siam Commercial Bank has dedicated for the research in the blockchain sector is SCB 10X.

It has also been revealed that SCB 10X has also partnered with Anchorage and was among one of the top contributors for Anchorage’s Series C funding round. SCB 10X has turned out to be one of the major contributors for Anchorage’s Series C funding that managed to bring in $80 million.

The information around Anchorage’s successful Series C funding round was revealed on Friday, March 5, 2021. Anchorage is one of the recent digital asset and cryptocurrency custodian startup platforms. Anchorage has the title of being the first-ever crypto-platform that has received the first charter from the United States for federal digital asset banking.

As per reports, Anchorage has emerged successful in receiving the charter from the United States at the beginning of the year 2021.

It has been confirmed that the Series C funding round for Anchorage was led by the sovereign wealth fund from Singapore, GIC. Some of the most prominent contributors in the funding round included Indico Capital, Lux Capital, Blockchain Capital, and a16z.

Despite SCB 10X being praised for its contribution in the Series C funding round, it is yet to be revealed as to exactly how much venture arm of the Siam Commercial Bank invested.

However, Mukaya Panich who is the chief venture and investment officer at SCB 10X has hinted about the significance that the firm held in the Series C funding round for Anchorage.

Panich stated that he and his entire team have been constantly in talks with the members of the blockchain industry. They are discussing the possibilities of collaborating and introducing future finance technology into the traditional finance sector.

Their main focus is to find different ways they can bring to their use in integrating both the traditional finance and decentralized finance sector together.