Siam Commercial Bank’s VC Arm to Invest In DeFi Asset Aggregator Ape Boardby Fintech News Singapore July 15, 2021
SCB 10X, the venture arm of Siam Commercial Bank, has announced its latest investment in the decentralised finance (DeFi) sector via asset aggregator and portfolio dashboard, Ape Board.
The company, which now has more than 350,000 users, within 4 months of inception, aims to resolve poor user experience, complexities in generating yield and overcome fragmentation issues in DeFi.
Ape Board aims to provide a holistic view of users’ DeFi portfolios with actionable insights, enabling users to easily link investments across a variety of DeFi protocols on a single dashboard.
The dashboard currently supports more than 79 protocols across five chains, including the industry’s fastest and most liquid Solana, Binance Smart Chain, Ethereum, Terra and Polygon.
Soon the team will work together to integrate Arbitrum, with more projects to be announced.
“This investment will further our goal of integrating traditional finance and decentralised finance by championing projects that resolve complexity and fragmentation issues in DeFi to bring a truly user-friendly experience.
Ape Board will enable users, both crypto natives and newcomers, to track all their cross-chain assets and manage portfolios in one place with features like monitoring impermanent loss.”
said Mukaya (Tai) Panich, Chief Venture and Investment Officer of SCB 10X.
“We wanted to create a dashboard that makes it easier for DeFi users to see their balances, calculate yield projections, as well as manage risk & impermanent loss. DeFi offers yield opportunities never seen before in traditional finance, and we are thrilled that SCB 10X is supporting this project to make simplifying yield generation a reality,”
said Mike Phulsuksombati, CEO and Co-Founder of Ape Board.