SCB 10X — the venture unit within Thailand’s oldest bank group, Siam Commercial Bank (SCB) group — opened a a 10,000-square-foot web3 collaborative space in Bangkok.
Called DistrictX, the space consists of two areas — hacker house and exponential hub — SCB 10X said. The hacker house includes a six-month incubation program in which SCB 10X will recruit developers and entrepreneurs to build web3 startups and create potential unicorns. The exponential hub is a co-working space for SCB 10X’s partners, which include Fireblocks, Nansen, The Sandbox and RakkaR Digital.
The news comes as support for digital asset projects has become scarce, and shows the company’s belief and commitment to the industry. Venture funding in the industry tumbled roughly 35% in the third quarter from the previous one, according to The Block Research.
“Collaboration is key during this bear market,” Mukaya (Tai) Panich, CEO at SCB 10X, told The Block. “It’s important now more than ever to remember that developers — not traders — are the people who are powering this industry and moving it forward. We have always been big supporters of the builder community and believe it’s mission critical to nurture and grow the resources that they are able to access.”
DistrictX had been under development since April, Panich said. She declined to comment on how much SCB 10X spent.
SCB 10X plans to incubate six startups by the first half of 2023, said Panich, adding that the firm is interested in areas such as web3 infrastructure, DeFi and gaming or metaverse.
As for DistrictX’s co-working space, Panich said it is fully occupied by SCB 10X’s portfolio companies and partners, but it can be expanded to other firms in the future. The co-working space’s prices are competitive compared to other co-working spaces, Panich said.
SCB 10X was established in 2020 with a “moonshot mission” to achieve growth through technology innovation and investment. DistrictX will host “moonshot meetup,” a bi-monthly workshop to engage community by sharing knowledge and building projects.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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