SC Ventures and SBI Holdings Plan to Invest $100 Million in Crypto Startups
In Brief
SC Ventures and SBI Holdings will create a $100 million joint venture, with a global investment focus spanning from seed funding to Series C funding rounds.
SC Ventures — the investment subsidiary of Standard Chartered bank and Japanese financial conglomerate SBI Holdings, have forged a strategic alliance to establish a $100 million joint venture focused on crypto investments. The collaboration aims to invest in various crypto sectors, including decentralized finance, tokenization, infrastructure, payments, and the metaverse.
The banks intend to create a joint venture based in the United Arab Emirates, with a global investment focus spanning from seed funding to Series C funding rounds.
The joint venture is set to make strategic and minority investments in crypto startups. Leveraging SC Ventures’ expertise in digital assets gained from ventures like Zodia Custody and Zodia Markets, as well as investments in fintech companies Ripple and Metaco, the joint venture aims to thrive in the crypto market.
Investment in Crypto Continues to Grow
SBI Holdings also announced it will be launching a separate fund by the end of 2023, aiming to invest a substantial sum of $663 million in web3, AI, and fintech startups. Major Japanese financial institutions have already committed to investing over $332 million in this fund.
Despite the recent decline in venture capital inflows into crypto, the news highlights a potentially bullish sentiment, associated with markets showing signs of recovery. With Bitcoin passing $36,000, currently reaching its highest level since early May 2022, this upward trend is fueled by growing excitement over the potential approval of the U.S. Bitcoin spot price ETF expected next year.
Last week, the crypto-friendly venture capital firm Andreessen Horowitz, announced its plans to raise approximately $3.4 billion for early-stage and seed-stage funds.
The firm intends to raise new growth, crypto, and bio vehicles in 2025. Likewise, another prominent venture capital firm, Blockchain Capital, shared the news of successful raising of $580 million for two new crypto investment funds
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
