Standard Chartered’s investment and ventures arm SC Ventures and Japan’s financial giant SBI Holdings to establish a $100 million Digital Asset Joint Venture investment company in the UAE. The companies plan to invest in digital asset companies as part of a strategy amid traditional financial services firms’ entry into the crypto ecosystem.

Standard Chartered’s SC Ventures and SBI’s $100 Million Crypto JV

Standard Chartered’s innovation, fintech investment, and ventures arm SC Ventures partnering with SBI Holdings to form a Digital Asset Joint Venture investment company, as per a press release on November 9.

SC Ventures and SBI Holdings plans a $100 million investment vehicle to invest in companies working in areas including digital asset market infrastructure, risk and compliance tools, DeFi, tokenization, payments, and the Metaverse.

“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, said Alex Manson, CEO of SC Ventures.

In May, Standard Chartered announced plans to launch digital asset custody services, powered by its subsidiary Zodia Custody, in the UAE. The country has a burgeoning crypto asset ecosystem, with crypto-friendly regulation.

Dubai International Financial Centre (DIFC) congratulated SC Ventures and SBI Holdings for helping shape the future of the digital asset industry with a Digital Asset Joint Venture, the first of its kind.

Also Read: BTC Price Surges to $37,000 As Bitcoin ETF Approval “Window” Opens

Ripple Becomes A Major Contributor

Ripple is a major company around the development as it is SC Ventures portfolio company and a partner of SBI Holdings. Ripple acquired Metaco for $250 million in its first major acquisition recently. Standard Chartered exiting and Ripple buying Metaco both happened in May this year.

Recently, Ripple announced that XRP is now approved under the Dubai Financial Services Authority (DFSA) virtual assets regime, allowing DIFC-registered firms to incorporate XRP into their virtual asset services.

Also Read: Treasury Official Andrew Griffith Says Crypto And AI Are Crucial

The post Breaking: Standard Chartered And Ripple’s Partner SBI Forms $100 Million Crypto Fund appeared first on CoinGape.

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Filed under: News - @ November 9, 2023 8:51 am