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Standard Chartered, SBI Holdings Establishing $100M Investment Firm Targeting Crypto Startups

SC Ventures and SBI Holdings' Digital Asset Joint Venture investment company will be established in UAE and focus on firms in market infrastructure, risk and compliance, DeFi and tokenization

By Jamie Crawley
AccessTimeIconNov 9, 2023 at 10:06 a.m. UTC
Standard Chartered (Shutterstock)
Standard Chartered (Shutterstock)
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Standard Chartered's (STAN) venture arm is teaming up with Japanese financial services firm SBI Holdings to form an investment company with $100 million backing to target crypto startups.

SC Ventures and SBI Holdings' Digital Asset Joint Venture investment company will be established in the United Arab Emirates (UAE) and focus on firms in market infrastructure, risk and compliance, decentralized finance (DeFi) and tokenization, according to a Thursday email.

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    • Standard Chartered has pivoted its crypto activities toward the UAE in recent months, choosing Dubai as the jurisdiction in which to start safeguarding digital assets for institutional clients in the first quarter of 2024. The region's mature regulatory structure relative to other jurisdictions is one of the major factors attracting firms to establish operations there, the company has said.

    Zodia Markets, a digital asset marketplace majority owned by Standard Chartered and also backed by SBI Holdings, received in-principle approval to act as a crypto broker-dealer in Abu Dhabi in September.

    Read More: Abu Dhabi Enacts DLT Framework for DAOs, Web3, TradFi Firms

    Edited by Sheldon Reback.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter

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