SC Ventures and SBI Holdings Establish $100 Million Cryptocurrency Venture in UAE
SC Ventures, the investment division of Standard Chartered Bank, and SBI Holdings, the Japanese financial conglomerate, have partnered to create a new $100 million cryptocurrency initiative in the United Arab Emirates.
The Digital Asset Joint Venture
According to the official press release, the Digital Asset Joint Venture will invest in companies involved in market infrastructure, risk and compliance, decentralized finance (DeFi), and tokenization across various investment stages, with a focus on global opportunities.
SC Ventures’ CEP Alex Manson mentioned that the new venture will leverage the division’s experience in digital assets through previous investments in fintech firms like Ripple and Metaco.
Standard Chartered’s UAE Inclinations
Standard Chartered is planning to safeguard its cryptocurrencies, such as bitcoin and ethereum, for institutional clients in Dubai by the first quarter of 2024. The bank has also entered into a memorandum of understanding with the Dubai International Financial Centre to focus on digital asset custody. Additionally, SC Ventures divested its ownership in Swiss-based Metaco while Ripple, part of the SC Ventures portfolio, acquired the tech firm for $250 million.
### News source: cryptopotato.com