SCB 10X – the venture-focused branch of Siam Commercial Bank – has reportedly disclosed details regarding its new $50 million investment, going towards global blockchains, DeFi and crypto asset firms. 

Specifically, the oldest-running Thai bank’s subsidiary SCB 10X is reportedly one of the participants contributing to the freshly acquired $80 million Series C of Anchorage – a crypto custodian and digital asset platform that obtained the US’s first federal digital asset banking charter at the beginning of 2021.

The Series C was led by GIC, Singapore’s sovereign wealth fund, with contributing entities reportedly include a16z, Blockchain Capital, Lux Capital and Indico Capital. 

“We […] look forward to bringing Anchorage’s world-class crypto custody solutions to Siam Commercial Bank’s customer base who are interested in having exposure to digital assets, and other potential users in Southeast Asia.” SCB 10X chief venture and investment officer, Mukaya Panich, reportedly remarked. 

Panich has reportedly been taking up an active role in talks with individuals in the blockchain sphere, regarding the future of DeFi integration with traditional finance. 

Before its dedicated fund was established, SCB 10X had reportedly already finalized the investment in the US-based cryptocurrency lender BlockFi, together with forming a partnership with Alpha Finance Lab in November 2020. 

Regarding widening the scope of crypto developments across Thailand, in this week, the nation’s SEC retraced the course on a previous, controversial plan to put into effect a 1 million baht (roughly $33,000) minimum annual income requirement for crypto investment in the domestic market.