- SCB 10X, the venture arm of Siam Commercial Bank, is backing Alpha Finance Labs to attract new users to DeFi.
- Alpha Finance Labs' first DeFi product, Alpha Homora, is a protocol for leveraging an investor's position in yield farming pools.
- The announcement comes after the total value locked in DeFi briefly hit $12 billion.
Siam Commercial Bank, one of the largest commercial banks in Thailand, is making moves in the decentralized finance (DeFi) space. SCB 10X, the bank's venture arm, is working with DeFi ecosystem Alpha Finance Lab to attract users to DeFi.
Early investments have been a part of SCB 10X's strategy in the past, with the Thailand bank's venture arm investing in Ripple and BlockFi in the past. Kaweewut Temphuwapat, head of venture builder SCB 10X, said, "SCB 10X is committed to embracing emerging technologies with Alpha Finance Labs to create a unique suite of products that bridges the gap between the traditional and decentralized financial sectors."
Alpha Finance Labs, in turn, is also backed by DeFi investors including The Spartan Group, Multicoin Capital and DeFiance Capital.
The company's first DeFi product, Alpha Homora, is a protocol for leveraging an investor's position in yield farming pools, and is currently live on the Ethereum blockchain.
Alpha Finance Labs is run by a team led by Tascha Punyaneramitdee, who has a background in investment banking.
The announcement comes at a time when DeFi is booming, with the total value locked in DeFi momentarily rising to over $12 billion this month.