Standard Chartered’s venture arm to set up crypto fund in UAE
SC Ventures, the fintech investment arm of British bank Standard Chartered, will establish a “Digital Asset Joint Venture” investment company in the United Arab Emirates in partnership with a Japanese financial conglomerate, SBI Holdings.
In the press release from Nov. 9, Alex Manson, the CEO of SC Ventures, revealed the new joint venture company’s goals:
“[...] to make strategic and minority investments in areas such as market infrastructure, risk management and compliance tools, DeFi, tokenization, consumer payments, and the metaverse.”
Manson highlighted the region’s new role as a hub for fintech due to its strengthening infrastructure and talent. However, the joint venture will not limit itself to the regional market but “explore the emerging digital asset ecosystem opportunities globally.”
Related: How high can Bitcoin price go by 2024?
In May 2023, Standard Chartered signed a memorandum of understanding with the Dubai International Financial Centre, granting the bank approval to launch digital asset custody services for its institutional clients worldwide.
Last month, another joint venture by Standard Chartered and SBI Holdings — institutional cryptocurrency custody platform Zodia — launched its services in Hong Kong . Established in 2021, the platform supports 38 cryptocurrencies and has recently opened services in Japan, Singapore and Australia.
Diving deep into the crypto custody business, Standard Chartered has not been neglecting the other side of the digital economy. In June, the bank teamed up with PricewaterhouseCoopers China to produce a white paper on applications for central bank digital currency in the so-called Greater Bay Area of China, which includes Guangdong province, Hong Kong and Macao.
Magazine: Deposit risk: What do crypto exchanges really do with your money?
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Skipped Bitcoin Cash? Qubetics ($TICS) Could Be Your Redemption Ticket – Top Cryptos for Significant Returns
The crypto market has been on fire lately. With the spotlight shifting to new and innovative blockchain projects, everyone’s eyes are on which cryptos will make waves this year.Bitcoin Cash: A Missed Opportunity for Significant ReturnsQubetics: Revolutionizing Digital Finance with Real-World Asset TokenizationConclusion: Time to Act on Qubetics
BTC Short Position by ETH Whale Nears $332M
A crypto whale boosts their BTC short position to $332M, facing losses and potential short squeeze risk.Whale Boosts BTC Short Position Amid Market VolatilityRisk of Liquidation LoomsStrategic Buy Orders Placed

Pakistan Launches Crypto Council Led by Finance Minister
Pakistan forms Crypto Council to boost blockchain and crypto adoption, chaired by Finance Minister Muhammad Aurangzeb.Pakistan Takes a Bold Step Toward Crypto AdoptionFinance Minister to Lead the InitiativeFocus on Innovation and Financial Inclusion

Trump Crypto Project WLFI Buys AVAX, MNT for $4M
Trump-linked crypto project WLFI buys $4M worth of AVAX and MNT, total investment hits $340M with $115M in unrealized losses.WLFI Adds AVAX and MNT to Crypto Portfolio$340M Invested Across 11 TokensHeavy Losses Despite Market Activity

Trending news
MoreCrypto prices
More








