UAE Bound: Standard Chartered and SBI Forge $100M Digital Asset Venture
Standard Chartered's investment arm, SC Ventures, in collaboration with SBI Holdings, revealed their groundbreaking initiative in the United Arab Emirates (UAE) with the inception of a pioneering digital asset venture.
A substantial investment of $100 million is earmarked to power this enterprise, primarily focusing on DeFi, tokenization, consumer payments, and the burgeoning Metaverse.
Earlier this year, Standard Chartered solidified its commitment to the digital asset space by formalizing a Memorandum of Understanding (MoU) with the Dubai International Financial Centre, aiming to explore various facets of digital asset management, including custody services.
Concurrently, the bank’s investment division strategically divested its stake in Metaco, a crypto entity linked with Ripple. Notably, Metaco recently inked a partnership with HSBC to deliver secure storage solutions for the bank’s forthcoming custody services.
The collaboration between Standard Chartered and SBI Holdings represents a monumental leap forward for the digital asset landscape within the UAE.
Yoshitaka Kitao, CEO of SBI Holdings, expressed enthusiasm, stating, “We are thrilled to announce our collaboration in establishing a groundbreaking Digital Asset Joint Venture in the UAE with SC Ventures. This partnership leverages the collective expertise of both organizations in the realm of digital assets.”
The UAE stands out as a rapidly blossoming epicenter for the crypto economy, owing to its well-defined regulatory framework, which has attracted key players in the digital asset industry.
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CEO of SC Ventures, Alex Manson, highlighted the region’s remarkable evolution as a hub for fintech ventures in the digital asset domain, pointing to the robust infrastructure and a pool of highly skilled professionals.
Manson underlined the firm’s unwavering commitment to expanding their presence within the region, stating, “This pioneering initiative stands as one of many strategic moves. We remain steadfast in our dedication to investment and extending our influence within the region and throughout the digital assets ecosystem.”
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
