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Standard Chartered Arm Collaborates with SBI Holdings to Invest In UAE Crypto Startups

Published:

SC Ventures, an investment unit of Standard Chartered Bank, announces today its partnership with a Japanese Conglomerate, SBI Holdings, to set up a crypto vehicle known as a “Digital Asset Venture” investment firm within the United Arab Emirates.

Previously, Standard Chartered endorsed a memorandum of understanding with the International Financial Centre of Dubai in May this year.

As a result, the bank approved establishing digital asset custody services for its organizational clients globally.

In the future, Standard Chartered dove deeply into the cryptocurrency custody business.

Just in October this year, Standard Chartered and SBI Holdings, an institutional crypto custody exchange in Zodia, established its services again in Hong Kong.

In Brief

  • SBI Holdings and Standard Chartered SC Ventures intend to invest up to $100 million in cryptocurrency startups.
  • This new venture aims to make investments globally as a backup seed to Series C funding rounds.
  • In addition, this new venture by SBI Holdings and SC Ventures comes as a joint venture to invest in cryptocurrency across regions like decentralized finance, the metaverse, payments, infrastructure, and tokenization.
  • According to the CEO of SC Ventures, Alex Manson, this new joint venture intends to make tactical and minority investments in cryptocurrency startups.
  • He said the Joint Venture will take advantage of SC Ventures’ expertise in digital assets through this new venture.
  • For instance, the venture will leverage SC Ventures’ experience in Zodia Markets and Zodia Custody via investments in fintech such as Metaco and Ripple.

What’s Happening In Crypto Today?

At present, the crypto markets are showing signs of making a comeback, which hints at a possible bullish sentiment. At the time of this writing, Bitcoin is changing hands at $36,777.79, while recording an increase in market cap of 4.11% and an increase in trading volume of 41.75%.

On the other hand, Ethereum is currently selling at $1,910.93, with a bit of a rise in market cap by 1.49% and an increase in trading volume by 33.49%.

  • Cardano is currently trading at $0.3735, with a slight increase in market cap by 4.86% and an increase in trading volume by 1.41%.
  • On the side of Dogecoin, at this moment, it is priced at $0.07575, while it records a slight increase in market cap of 1.70% and a 9.25 increase in trading volume.
  • As for the price of TRON at present, it trades at $0.1001 while seeing an increase in market cap of 2.46% and a 24.38% increase in trading volume.
  • Meanwhile, currently, Polygon is trading at $0.8162, with an increase in market cap by 5.65% and an increase in trading volume by 16.20%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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