The global bank will partner with a Japanese firm and incorporate a digital asset investment company, investing in various crypto use cases and products.
Global banking corporation Standard Chartered will undertake a new initiative with a Japanese partner soon. It will create a new digital asset investment company with SBI Holdings from Japan. The digital asset joint venture will see the crypto fund invest in various opportunities in the industry. Meanwhile, SC Ventures, the bank’s innovation and venture division, will represent the bank in the project.
The company will be established in the United Arab Emirates. The country has been a shining hub for crypto in the last few years, with friendly policies for the industry. As a result, crypto firms have flocked to the region. The country also welcomed a crypto zone this year.
“The region is fast becoming a hub for fintechs in the digital asset space due to its strengthening infrastructure and talent. The Digital Asset Joint Venture will be an important vehicle to explore the emerging digital asset ecosystem opportunities globally,” said the CEO of SC Ventures, Alex Manson.
He also said their past experience of investing in various crypto firms would help in the venture. Manson stated the crypto fund would be used for worldwide opportunities and not just fixed to the UAE. He went on to list a host of crypto use cases and products that may receive the patronage of the investment company.
SC Ventures has been active in the UAE for other crypto-related activities earlier as well. On the other hand, it has created partnerships in other countries and explored crypto use cases. Most of it has been centered in Hong Kong or the Greater Bay Area of China.
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