SC Ventures, Standard Chartered’s investment arm, and Japan’s financial giant SBI Holdings join forces in a $100 million Digital Asset Joint Venture.
SC Ventures, the investment and ventures arm of Standard Chartered, has partnered with Japan’s financial powerhouse, SBI Holdings, to create a $100 million Digital Asset Joint Venture investment firm in the UAE. Their objective is to invest in digital asset companies, aligning with the evolving landscape of traditional financial services firms venturing into the crypto ecosystem.
SC Ventures and SBI Launch $100M Crypto JV
SC Ventures, Standard Chartered’s arm dedicated to innovation, fintech investment, and ventures, has teamed up with SBI Holdings to create a Digital Asset Joint Venture investment company, according to a press release dated November 9.
This joint initiative, backed by a $100 million investment, aims to support companies operating in various digital asset sectors, including market infrastructure, risk and compliance tools, DeFi, tokenization, payments, and the Metaverse.
Alex Manson, CEO of SC Ventures, expressed, “The Digital Asset Joint Venture will be an important vehicle to explore the emerging digital asset ecosystem opportunities globally. The Joint Venture will leverage SC Ventures’ experience in digital assets through our ventures such as Zodia Custody and Zodia Markets, and through our investments in fintechs like Ripple and Metaco.”
In May, Standard Chartered revealed its plans to introduce digital asset custody services in the UAE, powered by its subsidiary, Zodia Custody, in response to the region’s growing crypto asset ecosystem and crypto-friendly regulations.
The Dubai International Financial Centre (DIFC) commended SC Ventures and SBI Holdings for their pioneering Digital Asset Joint Venture, which is the first of its kind and is set to shape the future of the digital asset industry.
Ripple’s Prominent Role in the Development Landscape
Ripple, a key player in the development scene, holds significance as both an SC Ventures portfolio company and a strategic partner of SBI Holdings. In a major milestone, Ripple made its first substantial acquisition by purchasing Metaco for $250 million, with both Standard Chartered’s exit and Ripple’s acquisition occurring in May of this year.
Adding to its achievements, Ripple recently announced that XRP has gained approval from the Dubai Financial Services Authority (DFSA) virtual assets regime. This regulatory endorsement now permits DIFC-registered firms to seamlessly integrate XRP into their virtual asset services.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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