The digital assets arm of one of Thailand’s largest financial institutions has signed a partnership deal with one of Korea’s biggest Web3 investors.
In a press release sent out on Wednesday, SCBX and Hashed announced that they have signed an agreement to work on joint R&D initiatives and events aimed at promoting decentralized technology adoption regionally and globally.
“This partnership amalgamates the expertise of a reputable institution with the technological and philosophical foundations of Web3,” Simon Seojoon Kim, CEO & Managing Partner, Hashed, said in a release. “I am confident that this partnership will significantly nurture the growth of the Web3 ecosystem, extending its influence not only across Southeast Asia but also on a global scale."
While many of Asia’s largest financial institutions are still skeptical of crypto, despite a warming regulatory environment in the region, SCB has invested heavily in the market. In 2021, SCB announced that SCBX, its venture arm, was launching a $50 million blockchain fund. Recently, SCB’s cross-town rival, Kasikornbank (KBank), launched a $100 million web3 and AI fund.
As part of this collaboration, Hashed will spearhead tests on Web3 technologies through its research hub, ShardLab.