Digital Assets: Japan’s SBI Holdings And SC Ventures Set Up Crypto Firm In The UAE

November 13, 2023 | Digital Assets, News

“The region is fast becoming a hub for fintechs in the digital asset space due to its strengthening infrastructure and talent.” – Alex Manson, CEO, SC Ventures

SC Ventures, the innovation and fintech investment arm of Standard Chartered (LON: STAN), is teaming up with SBI Holdings (TYO: 8473), a major Japanese financial conglomerate, to establish a Digital Asset Joint Venture in the UAE. With an initial capital of $100 million, this collaboration aims to capitalize on the region’s growing significance in the digital asset realm. The joint venture, led by Alex Manson, SC Ventures’ CEO, will draw from their experience in digital assets, leveraging ventures such as Zodia Custody and Zodia Markets, and investments in companies like Ripple and Metaco. (Wamda)

Standard Chartered’s recent agreement with the Dubai International Financial Centre focuses on digital asset custody, coinciding with SC Ventures’ divestment from Metaco SA, which was acquired by Ripple for $250 million. Manson outlined the joint venture’s strategy, emphasizing investments in market infrastructure, risk management tools, DeFi, tokenization, consumer payments, and the Metaverse. This move represents one of the company’s strategic initiatives as it aims to expand its presence in the digital assets landscape.

Yoshitaka Kitao, SBI Holdings’ Representative Director and CEO, said this collaboration strengthened the relationship between SBI Holdings and SC Ventures, building upon previous investments in SC Ventures’ portfolio companies.;

Related Story:  Japan’s SBI Holdings Amassing $663M VC Fund For Startups In High Growth Sectors

Photo by David Rodrigo on Unsplash

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