Standard Chartered and SBI Holdings to Establish $100 Million Crypto JV
SC Ventures and SBI Holdings are set to create a Digital Asset Joint Venture investment company in the UAE with a $100 million investment.
Joint Venture Investment Plans
The companies plan to invest in digital asset companies focusing on digital asset market infrastructure, risk and compliance tools, DeFi, tokenization, payments, and the Metaverse. SC Ventures’ CEO Alex Manson said that the joint venture will explore global digital asset ecosystem opportunities.
In May, Standard Chartered announced plans to launch digital asset custody services in the UAE. The country has crypto-friendly regulation and is an ideal place for such investments.
Ripple’s Involvement in the Venture
Ripple is a significant player in this development as it is an SC Ventures portfolio company. Ripple recently announced that XRP is now approved under the Dubai Financial Services Authority virtual assets regime, allowing DIFC-registered firms to incorporate XRP into their virtual asset services.
Hot Take: Setting the Stage for Future Digital Asset Investments
The joint venture between SC Ventures and SBI Holdings marks a significant move in shaping the future of digital assets. With a focus on emerging technologies such as DeFi and tokenization, this investment company sets the stage for future digital asset investments worldwide. Furthermore, Ripple’s involvement adds another layer of credibility to this partnership.
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