SCB Thailand will join De-fi through Compound Finance
Bangkok-headquartered Siam Commercial Bank (SBC), the oldest and one of the largest banks in Thailand, has entered the decentralized finance (DeFi) sector through the Consortium. Treasury, service focused on lending platform.
On May 28, The bank’s digital venture arm, a subsidiary called SCB 10X, launched in early 2020, will deposit funds into Compound Treasury, a leveraged institutional wrapper custodial company Fireblocks.
The service converts U.S. dollars into fiat-backed USDC on Compound, which allows institutions to earn fixed annual yields of 4%. The size of the bank’s allocation into Compound Treasury was not disclosed.
SCB 10X is a venture capitalist in the crypto space and is also involved in constructing infrastructure in the area. Since last July, compound Treasury and Aave Arc should have been the bank’s digital division looking to get involved in DeFi. This is a big step forward as SCB’s board of directors, and the bank’s risk-averse treasury management team are confident enough to participate in DeFi.
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