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This Crypto Newcomer Just Surged 400%, Fueled by Bank That Backed Ripple and BlockFi

November 15, 2020

A crypto asset that is flying under the radar has printed gains of 400% after receiving a big boost from one of the largest commercial banks in Thailand.

CoinGecko reveals that Alpha Finance (ALPHA) traded at an all-time low of $0.02 on November 3rd before igniting a strong parabolic move to as high as $0.1 on November 14th.

Alpha Finance is a decentralized finance (DeFi) platform that is developing an ecosystem of products that will interoperate across multiple blockchains.

According to the DeFi asset’s website, ALPHA’s interoperability feature will drive cross-chain DeFi and cross-chain liquidity to deliver returns that outperform the market.

Prior to the DeFi coin’s meteoric ascent, Alpha Finance Lab announced that it is teaming up with SCB 10X, which is the investment arm of Thailand-based banking giant Siam Commercial Bank (SCB).

SCB 10X is an early investor in San Francisco-based payment startup Ripple and crypto lending platform BlockFi.

Tascha Punyaneramitdee, Alpha Finance Lab project lead, says the partnership seeks to close the gap between traditional finance and DeFi.

“Working closely with SCB 10X will empower Alpha Finance Lab to expand its DeFi ecosystem with valuable experience from the traditional financial sector to bridge the two worlds together.”

Alpha says SCB 10X not only offers expertise in the realm of traditional banking, but can also potentially deliver retail clients to DeFi via fiat on-ramps.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong