According to a report from “The Block”, SC Ventures, the venture capital arm of Standard Chartered Bank, is partnering with Japanese financial group SBI Holdings to establish a digital asset joint investment company in the United Arab Emirates, with plans to provide $100 million in capital for the institution.
According to a statement released by SC Ventures on Thursday, the joint venture company plans to invest in various areas of the crypto space, including decentralized finance (DeFi), tokenization, risk management and compliance tools, infrastructure, payments, and the metaverse, with the goal of making investments globally, covering seed rounds to Series C financing.
Alex Manson, CEO of SC Ventures, stated in a press release that the company plans to make “strategic and minority equity investments” in crypto startups.
According to a report from the “Nikkei”, SBI Holdings will also launch an independent fund by the end of this year, investing up to 100 billion Japanese yen (approximately $6.63 billion) in startups in fields such as Web3, artificial intelligence, and financial technology. It is reported that Japanese financial giants Sumitomo Mitsui Banking Corporation, Mizuho Bank, Nippon Life Insurance, and Daiwa Securities Group have decided to invest over 50 billion yen in this fund.