London-based investment bank Standard Chartered’s investment arm SC Ventures and Japanese financial giant SBI Holdings, a partner of Ripple, are establishing a $100 million investment fund to invest in crypto startups in the United Arab Emirates. Strategic and Minority Investment...
London-based investment bank Standard Chartered’s investment arm SC Ventures and Japanese financial giant SBI Holdings, a partner of Ripple, are establishing a $100 million investment fund to invest in crypto startups in the United Arab Emirates.
Strategic and Minority Investments to be Made Using the Fund
In a joint statement issued today by the two companies, the partnership plans to invest in cryptocurrencies in areas such as decentralized finance, tokenization, infrastructure, payments, and metaverse. The venture aims to invest globally from seed to Series C funding rounds.
Alex Manson, CEO of SC Ventures, stated in his announcement that the joint venture between SC Ventures and SBI Holdings plans to make “strategic and minority investments” in crypto startups. Manson added, “Through our investments in ventures such as Zodia Custody and Zodia Markets, as well as fintechs like Ripple and Metaco, the joint venture will benefit from SC Ventures’ expertise in cryptocurrencies.”
In May, SC Ventures divested its shares in Metaco when Ripple acquired it for $250 million. Furthermore, SC Ventures and SBI Holdings have previously invested in the same ventures, including Solv, Zodia Custody, and myZoi.
$100 Million Fund for Crypto Market Could Be a Bullish Signal
The announcement of the establishment of a $100 million investment fund for crypto startups coinciding with signs of recovery in the crypto market has led to speculation that the market has definitively entered an upward trend.