The Japanese financial giant SBI Holdings has partnered with Standard Chartered Bank to invest $100 million in the crypto industry through SC Ventures.
Both of these banking giants plan to invest in the cryptocurrency industry across multiple spectrums, including decentralized finance (DeFi), crypto payments, tokenization, infrastructure, metaverse, and other fields.
According to the official release from SC Ventures, the fund called Digital Asset Joint Venture is set up in one of the most crypto-friendly countries, the United Arab Emirates.
“The region is fast becoming a hub for fintechs in the digital asset space due to its strengthening infrastructure and talent.” said Alex Manson, the CEO at SC Ventures, adding, “The Digital Asset Joint Venture will be an important vehicle to explore the emerging digital asset ecosystem opportunities globally.”
The joint venture of SBI Holding and Standard Chartered Bank will leverage SC Ventures’ experience in digital assets through ventures such as Zodia Custody and Zodia Markets and through investments in fintechs like Ripple and Metaco, says the CEO.
Also Read: HSBC Partners with Metaco for Digital Asset Custody
Salmaan Jaffery of Dubai International Financial Centre (DIFC) appreciated the move and congratulated both SC Ventures and SBI Holdings on shaping the future of finance.
“In a world where the conversation around digital assets has rapidly evolved from ‘why’ to an eagerly anticipated ‘when,’ DIFC stands at the forefront of regulation, having meticulously tailored its ecosystem to foster an environment that nurtures investment, fuels exponential growth, and drives innovation,” said Salmaan.
Also Read: UAE Intensifies Crackdown on Unlicensed Crypto Firms
