Standard Chartered and SBI Join Forces for Major Crypto Investment in the UAE
SC Ventures, the investment arm of Standard Chartered bank, and Japanese financial conglomerate SBI Holdings have collaborated to establish a $100 million crypto vehicle in the United Arab Emirates.
The joint venture aims to invest globally in decentralized finance, tokenization, infrastructure, payments, and the metaverse, covering seed to Series C funding rounds. Against the backdrop of recovering crypto markets and Bitcoin’s current trading at approximately $36,800 with a year-to-date gain exceeding 120%, the joint venture plans strategic and minority investments in crypto startups.
The initiative leverages SC Ventures’ experience in digital assets, citing ventures like Zodia Custody and Zodia Markets, along with past investments in fintechs such as Ripple and Metaco. SBI Holdings, separately, is launching a fund to invest up to 100 billion yen ($663 million) in web3, AI, and fintech startups, with major Japanese financial institutions already committing over 50 billion yen to the fund.
Clever Robot News Desk 12th November 2023
