$100 million digital asset joint venture in Dubai leverages Ripple, Metaco, and Zodia

SC Ventures, part of Standard Chartered, in collaboration with SBI Holdings, has launched a $100 million Digital Asset Joint Venture in the UAE, reflecting heightened global interest in digital assets and the UAE’s burgeoning potential as a fintech nexus.

The joint venture aims to invest in a wide array of digital asset initiatives, including infrastructure, compliance tools, DeFi, and the Metaverse. SC Ventures’ prior experiences and strategic exits, such as the sale of its stake in Metaco SA to Ripple, are expected to bolster this new endeavor.

With strategic investments planned across various funding stages, the venture will draw upon the expertise of SC Ventures in digital asset ventures like Zodia Custody, and SBI Holdings’ history of investments in SC Ventures’ portfolio companies.

SC Ventures and SBI Holdings establish $100m JV in UAE

Alex Manson, CEO, SC Ventures, said: “The region is fast becoming a hub for fintechs in the digital asset space due to its regulation, strengthening infrastructure and talent. The Digital Asset Joint Venture will be an important vehicle to explore the emerging digital asset ecosystem opportunities globally. The Joint Venture will leverage SC Ventures’ experience in digital assets through our ventures such as Zodia Custody and Zodia Markets, and through our investments in fintechs like Ripple and Metaco.

“Our Digital Asset Joint Venture plans to make strategic and minority investments in areas such as market infrastructure, risk management and compliance tools, DeFi, tokenisation, consumer payments, and the Metaverse. This is one of several strategic initiatives and we will continue to invest and expand our footprint in the region as well as across the digital assets ecosystem.”

Yoshitaka Kitao, SBI Holdings, Inc. Representative Director, Chairman, President & CEO, commented: “We are thrilled to announce our partnership to establish a Digital Asset Joint Venture in UAE together with SC Ventures and bring to bear the collective capabilities of both our organisations in the digital asset space. This initiative further solidifies the strategic relationship between SBI Holdings and SC Ventures following our investment forays into SC Ventures’ portfolio companies including Solv, Zodia Custody and myZoi.”

Salmaan Jaffery, Chief Business Development Officer, DIFC, added: “We congratulate SC Ventures and SBI Holdings on their drive to help shape the future of finance as they forge ahead with their first Digital Asset Joint Venture in Dubai International Financial Centre (DIFC). In a world where the conversation around digital assets has rapidly evolved from ‘why’ to an eagerly anticipated ‘when,’ DIFC stands at the forefront of regulation, having meticulously tailored its ecosystem to foster an environment that nurtures investment, fuels exponential growth, and drives innovation.”