Million

Standard

Dubai

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 <p>Standard Chartered’s investment arm, SC Ventures, and SBI Holdings have announced plans to create a $100 million <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> firm or “Digital Asset Joint Venture investment company” in the <a rel="noopener noreferrer nofollow" title="UAE" href="https://thebittimes.com/tag/uae.html">UAE</a> (United Arab Emirates). According to an announcement, the partnership will invest in DeFi, tokenization, consumer payments, and the Metaverse.&nbsp;</p>
 <p>The announcement notes that, in May, Standard Chartered signed a Memorandum of Understanding (MoU) with the Dubai International Financial Centre. The MoU aimed for collaboration in the digital asset space, including digital asset custody. Moreover, in the same month, the bank’s investment arm exited its stake in Metaco, a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> firm owned by Ripple. Metaco recently announced a partnership with HSBC to offer storage solutions for the bank’s upcoming custody services.</p>
 <p><strong>Also Read: HSBC To Launch Digital Asset Custody With Ripple-Owned Firm</strong></p>
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 <p>Standard Chartered and SBI Holdings’ latest move is another step forward for the crypto industry in the UAE.</p>
 <p>According to Yoshitaka Kitao, CEO of SBI Holdings, <strong>‘We are thrilled to announce our partnership to establish a Digital Asset Joint Venture in UAE together with SC Ventures and bring to bear the collective capabilities of both our organizations in the digital asset space.’</strong></p>
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 <h3 class="wp-block-heading" id="h-is-the-uae-now-the-global-crypto-hub">Is the UAE now the global crypto hub?</h3>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="706" src="https://cdn.thebittimes.com/images/2023/11/09/8fbcb0ec75fb349c0ea74a392c5174cd.webp" alt class="wp-image-109620" srcset="https://cdn.thebittimes.com/images/2023/11/09/8fbcb0ec75fb349c0ea74a392c5174cd.webp 1024w, https://cdn.thebittimes.com/images/2023/11/09/8fbcb0ec75fb349c0ea74a392c5174cd.webp 300w, https://cdn.thebittimes.com/images/2023/11/09/8fbcb0ec75fb349c0ea74a392c5174cd.webp 768w, https://cdn.thebittimes.com/images/2023/11/09/8fbcb0ec75fb349c0ea74a392c5174cd.webp 1536w, https://cdn.thebittimes.com/images/2023/11/09/8fbcb0ec75fb349c0ea74a392c5174cd.webp 380w, https://cdn.thebittimes.com/images/2023/11/09/8fbcb0ec75fb349c0ea74a392c5174cd.webp 550w, https://cdn.thebittimes.com/images/2023/11/09/8fbcb0ec75fb349c0ea74a392c5174cd.webp 800w, https://cdn.thebittimes.com/images/2023/11/09/8fbcb0ec75fb349c0ea74a392c5174cd.webp 1160w, https://cdn.thebittimes.com/images/2023/11/09/8fbcb0ec75fb349c0ea74a392c5174cd.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p>The <a rel="noopener noreferrer nofollow" title="UAE" href="https://thebittimes.com/tag/uae.html">UAE</a> is one of the fastest-growing <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> hubs in the world. The region has attracted some of the biggest names in the digital asset industry because of its well-defined rules and regulations.</p>
 <p><strong>Also Read: Dubai Incorporates XRP Into Special Economic Zone</strong></p>
 <p>Alex Manson, CEO of SC Ventures, stated, <strong>‘The region is fast becoming a hub for fintechs in the digital asset space due to its strengthening infrastructure and talent.</strong>‘</p>
 <p>Manson also added that the firm plans to further expand in the region. He stated, <strong>‘This is one of several strategic initiatives and we will continue to invest and expand our footprint in the region as well as across the digital assets ecosystem.’</strong></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-standard-chartered-and-sbi-to-invest-100-million-in-uae-tbt69622.html">https://thebittimes.com/crypto-standard-chartered-and-sbi-to-invest-100-million-in-uae-tbt69622.html</a></p>

Crypto: Standard Chartered and SBI to Invest $100 Million in UAE

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