Standard Chartered's Investment Arm Teams Up with SBI Holdings for $100M Crypto Startup Investment

WikiBit 2023-11-10 14:01

Standard Chartered's Investment Arm Teams Up with SBI Holdings, to Invest $100 Million in Crypto Startups

Standard Chartered's investment arm, SC Ventures, has partnered with the Japanese financial giant SBI Holdings to establish a $100 million

cryptocurrency

fund in the United Arab Emirates.

Announced on Thursday, the two companies are creating this fund as a joint venture to invest in cryptocurrency startups in areas such as decentralized finance, tokenization, infrastructure, payments, and the metaverse. The fund aims to invest globally across various funding rounds, from seed to Series C. (The Block)

Prior news revealed that the Japanese financial powerhouse SBI Holdings plans to operate a fund for startups in Web3, AI, and the metaverse within the current year. Each investment is expected to range from several hundred million to several billion yen, with the fund likely targeting around 150 to 200 companies. The largest-scale fund is anticipated to reach 100 billion yen (approximately $663 million). Leading banks in Japan, including Sumitomo Mitsui Banking Corporation, Mizuho Bank, and others, have committed to investing over 50 billion yen in this fund.

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