Standard Chartered Ventures and Strategic Business Innovator Holdings have united to establish a $100 million cryptocurrency investment initiative situated in the United Arab Emirates (UAE).
This collaborative effort seeks to capitalise on the renewed interest in the cryptocurrency sphere, focusing on strategic and minority investments in various crypto startups.
Investment Across Crypto Sectors
The joint venture, operating on a global scale, targets investments across multiple crypto sectors, including decentralised finance, tokenisation, infrastructure, payments, and the metaverse.
SC Ventures’ CEO, Alex Manson, highlights the venture’s strategy:
“The SC Ventures and SBI Holdings joint venture plans to make “strategic and minority investments” in crypto startups. 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”
“We are thrilled to announce our partnership to establish a Digital Asset Joint Venture in UAE together with SC Ventures and bring to bear the collective capabilities of both our organisations in the digital asset space. This initiative further solidifies the strategic relationship between SBI Holdings and SC Ventures following our investment forays into SC Ventures’ portfolio companies including Solv, Zodia Custody and myZoi.”
SBI Holdings has launched a separate fund anticipating a significant investment in web3, AI, and fintech startups.
Sumitomo Mitsui Banking Corporation, Mizuho Bank, Nippon Life Insurance, and Daiwa Securities Group, have reportedly pledged to invest over 50 billion yen in the fund.
This initiative highlights the increasing interest of conventional financial institutions in emerging technologies beyond the domain of cryptocurrencies.
Embrace of Cryptocurrency’s Future
SC Ventures and SBI Holdings’ joint venture signifies a step in the financial sector’s integration into the expanding cryptocurrency landscape.
The collaboration signals an effort to actively engage in and shape the future of decentralised finance, tokenisation, and the metaverse, anticipating further integration into the broader financial ecosystem.