The decentralized finance aka DeFi space amassed notable traction throughout last year. During the peak of Covid, while all the other markets were enduring a crash, the crypto-verse, particularly the DeFi space was seen booming. While several platforms, as well as countries, took interest in the decentralized finance space, Thailand became the latest one to join the list.
At the time of writing, the total value locked in the market was at a high of $53 billion. The Compound platform was seen dominating the zone by over 19% as it locked a whopping $10.48 billion.
DeFi Catches The Eye Of Thailand’s Prominent Bank
The prominent news portal Bangkok Post revealed that one of the largest Thailand banks, Kasikornbank also known as the KBank had reportedly taken an interest in incorporating decentralized finance into its system. While the bank will plunge into the decentralized space, the Kasikorn Business Technology Group [KBTG], a tech subsidiary of the KBank is all set to take over this project.
The Chairman of KBTG, Ruangroj Poonpol pointed out that the incorporation of decentralized finance would fall under the second phase of the firm’s digital transformation project. While the first phase was conducted throughout 2018-2020, the second phase kicked off in 2021 and is said to go on till 2023.
Emphasizing on the same, the Chairman said,
“DeFi is a key exploration for KBank Group this year. [..] Providing innovative financial services under DeFi should improve the country’s financial exclusion and allow Thais better access to financial services. With this asset-backed form, DeFi could also create economic value for Thailand.”
Decentralized finance has been arising as a promising field. The rapid growth of the industry continued to prove beneficial for the decentralized finance space as well. More recently, Shark Tank’s Mark Cuban also commented on the emergence of DeFi. He went on to compare the growth of the decentralized finance space to that of the early days of the internet.