Irish Journalist: “Standard Chartered and SBI Holdings Team Up for $100M Crypto Venture!

"Standard Chartered and SBI Holdings Join Forces to Launch $100 Million Investment Company Targeting Crypto Startups"

Standard Chartered’s venture arm, SC Ventures, has announced a partnership with Japanese financial services firm SBI Holdings to establish a new investment company. This joint venture will be based in the United Arab Emirates (UAE) and will have $100 million in funding. The investment company will focus on supporting crypto startups in areas such as market infrastructure, risk and compliance, decentralized finance (DeFi), and tokenization. This collaboration highlights the growing interest in the crypto industry and the potential for innovative projects in the UAE.

Standard Chartered has been actively expanding its crypto activities in the UAE. The bank has chosen Dubai as its jurisdiction for safeguarding digital assets for institutional clients, starting in the first quarter of 2024. The UAE’s well-established regulatory framework in comparison to other jurisdictions has been a key factor in attracting firms like Standard Chartered to establish operations there. The partnership with SBI Holdings further strengthens their presence in the region and demonstrates their commitment to supporting the growth of the crypto ecosystem.

This is not the first collaboration between Standard Chartered and SBI Holdings in the crypto space. Zodia Markets, a digital asset marketplace, is majority-owned by Standard Chartered and also backed by SBI Holdings. In September, Zodia Markets received in-principle approval to act as a crypto broker-dealer in Abu Dhabi. This regulatory approval positions Zodia Markets as a trusted platform for crypto trading and further enhances the credibility of the partnership between Standard Chartered and SBI Holdings.

The UAE has been proactive in embracing blockchain technology and digital assets. In September, Abu Dhabi enacted a Distributed Ledger Technology (DLT) framework to regulate Decentralized Autonomous Organizations (DAOs), Web3, and traditional finance (TradFi) firms. This regulatory clarity provides a conducive environment for crypto startups and encourages innovation in the industry. The collaboration between SC Ventures and SBI Holdings aligns with the UAE’s vision of becoming a global hub for blockchain and crypto-related activities.

The investment company formed by SC Ventures and SBI Holdings will play a crucial role in supporting the growth of the crypto ecosystem in the UAE. By providing financial backing and expertise, the joint venture aims to nurture promising startups and drive innovation in key areas such as market infrastructure and DeFi. The partnership between these two prominent financial institutions brings together their respective strengths and networks, creating a powerful force in the crypto industry.

As the global interest in cryptocurrencies continues to rise, collaborations like the one between SC Ventures and SBI Holdings are essential for fostering the development of the industry. The UAE’s favorable regulatory environment, combined with the financial expertise of Standard Chartered and SBI Holdings, positions the investment company for success. This joint venture will not only benefit the participating startups but also contribute to the overall growth and maturation of the crypto market.

In conclusion, Standard Chartered’s venture arm, SC Ventures, and SBI Holdings are joining forces to establish an investment company in the UAE with $100 million in funding. This partnership aims to support crypto startups in various areas, including market infrastructure, risk and compliance, DeFi, and tokenization. The collaboration reflects the growing interest in the crypto industry and highlights the UAE’s position as a favorable jurisdiction for crypto-related activities. With their combined expertise and resources, SC Ventures and SBI Holdings are well-positioned to drive innovation and contribute to the development of the crypto ecosystem in the UAE.

Martin Reid

Martin Reid

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