- SC Ventures and SBI Holdings form a $100 million crypto initiative in the United Arab Emirates.
- The initiative focuses on cryptocurrency, covering decentralized finance, tokenization, infrastructure, payments, and the metaverse.
- SBI Holdings plans a 100 billion yen fund for web3, AI, and fintech, with major Japanese investors.
SC Ventures, the investment division of Standard Chartered Bank, and SBI Holdings, the Japanese financial conglomerate, have joined forces to establish a crypto initiative worth $100 million in the United Arab Emirates.
This initiative, structured as a collaborative venture, intends to allocate funds in the realm of cryptocurrency, encompassing decentralized finance, tokenization, infrastructure, payments, and the metaverse, as announced by both organizations on Thursday. Its objective is to make global investments, spanning from initial seed funding to Series C financing rounds.
This news coincides with the crypto markets displaying indications of a rebound, suggesting a potentially optimistic sentiment. Bitcoin is presently trading at approximately $36,800, reflecting a year-to-date increase of more than 120%. Additionally, the trading volume for cryptocurrencies on centralized exchanges experienced a rise in October after four consecutive months of decline. If these metrics signify a revived interest in the crypto space, this anticipation is probably related to the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the early part of the coming year.
The collaboration between SC Ventures and SBI Holdings intends to engage in “strategic and minority investments” in crypto startups, according to a statement by Alex Manson, CEO of SC Ventures. Manson further noted,
“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.”
Alex Manson, CEO of SC Ventures
In May, SC Ventures divested its share in Metaco for $250 million as it was acquired by Ripple. Additionally, it’s worth noting that SC Ventures and SBI Holdings have previously co-invested in several startups, including Solv, Zodia Custody, and myZoi.
SBI Holdings is also set to introduce an independent fund by year-end, earmarking an investment potential of up to 100 billion yen ($663 million) in web3, AI, and fintech startups, as per a report from Nikkei today. Major Japanese financial institutions, including Sumitomo Mitsui Banking Corporation, Mizuho Bank, Nippon Life Insurance, and Daiwa Securities Group, have purportedly committed to investing more than 50 billion yen in this fund.
