Standard Chartered and SBI Form $100 Million Crypto Fund

Standard Chartered and SBI Form $100 Million Crypto Fund

SBI Holdings, a financial titan from Japan, and SC Ventures, the investment and ventures division of Standard Chartered, have agreed to form a $100 million Digital Asset Joint Venture investment company in the United Arab Emirates.

The organizations intend to allocate resources toward digital asset firms in light of the foray of conventional financial services firms into the crypto ecosystem.

SC Ventures & SBI $100 Million Crypto Joint Venture

According to a press release dated November 9, SC Ventures, the innovation, fintech investment, and ventures division of Standard Chartered, is forming a Digital Asset Joint Venture investment company with SBI Holdings.

SC Ventures and SBI Holdings intend to invest $100 million in companies operating in the Metaverse, risk and compliance tools, digital asset market infrastructure, DeFi, tokenization, and payments.

The Digital Asset Joint Venture will serve as a significant mechanism for investigating the burgeoning prospects of the digital asset ecosystem on a global scale.

Meanwhile, Alex Manson, CEO of SC Ventures, stated that the Joint Venture will capitalize on the firm’s expertise in digital assets, which it has gained through investments in fintechs like Ripple and Metaco and its ventures Zodia Custody and Zodia Markets.

However, in May, Standard Chartered declared its intention to introduce digital asset custody services in the United Arab Emirates (UAE), facilitated by its subsidiary Zodia Custody.

The nation has a burgeoning ecosystem for crypto assets and crypto-friendly regulations.

Dubai International Financial Centre (DIFC) congratulated SC Ventures and SBI Holdings on establishing the first-of-its-kind Digital Asset Joint Venture and contributing to the industry’s future.

Ripple Emerges As a Significant Contributor

Ripple is a major company around the development as it is SC Ventures portfolio company and a partner of SBI Holdings.

Furthermore, Ripple recently acquired Metaco for $250 million, the company’s first noteworthy acquisition.

The exit of Standard Chartered and the acquisition of Metaco by Ripple both occurred in May of this year.

In addition, Ripple recently declared that XRP is now permitted to be incorporated into the virtual asset services of DIFC-registered firms under the Dubai Financial Services Authority (DFSA) virtual assets regime.

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