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Thailand’s Oldest Banks Look Into The DeFi Industry

By Mark L - Cryptocurrency Professional - 24-07-2021

The oldest standing bank in Thailand has been further analysing blockchain and DeFi technology. The bank believes that both blockchain and DeFi are the next steps for the future of finance and banking, with plans to invest in the technologies.

Despite genuine interest within institutional businesses to invest in cryptocurrency, this could be due to the rise in popularity and trend instead of a strategic investment plan. Within the cryptocurrency trading industry, many big investors tend to focus on Bitcoin (BTC) buying. That being said, major investors are starting to look toward assets such as Ether (ETH) and decentralized finance (DeFi).

DeFi is a central focus of Siam Commercial Bank's (SCB) present digital asset drive, as Thailand's oldest bank readies itself to advance decentralized financing through its SCB 10X subsidiary.

Thai regulators have been studying and aiming to enter the decentralized financing world, which seemed to be the spark for SCB 10X's research for DeFi and blockchain. Heads are increasingly turning towards the extremely niche market space, with national agencies attempting to develop strict laws for the DeFi industry.

The narrative for banks investing in decentralized financing has pivoted to the hybrid model of DeFi, also known as regulated DeFi. Regulated DeFi still retains some of the traditional finance traits, but the hybrid model provides cost-cutting benefits.

As reported by Cointelegraph, the SCB 10X's $110 million funds bolstered the bank's ambition to develop further advancements for digital financing.

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