SC Ventures and SBI Holdings Are Looking to Allocate $100 Million for Crypto Startups
In Brief
SC Ventures and SBI Holdings are set to establish a joint venture of $100 million, focusing globally on investments from initial seed funding to Series C rounds.
SC Ventures — the investment branch of Standard Chartered Bank, in collaboration with a major Japanese financial conglomerate, SBI Holdings , have come together to launch a $100 million partnership dedicated to crypto investments. This venture aims to explore diverse areas within the cryptocurrency sector, including decentralized finance, tokenization, infrastructural development, payment solutions, and the metaverse.
The two banks plan to set up their joint venture in the United Arab Emirates , with a comprehensive investment strategy that ranges from seed funding to Series C funding rounds.
This joint venture is geared towards making targeted and minority investments in cryptocurrency startups. By leveraging SC Ventures’ extensive knowledge in digital assets from initiatives like Zodia Custody and Zodia Markets, along with investments in fintech enterprises such as Ripple and Metaco, they aim to establish a strong foothold in the crypto market.
Investment Activity in Crypto Remains Robust
SBI Holdings also announced will kick off a new fund by the end of 2023, targeting a hefty investment of $663 million into web3, AI, and fintech startups. Leading Japanese financial institutions have already pledged over $332 million towards this initiative.
In spite of a recent dip in venture capital investments in the crypto sector, this announcement reflects a potentially optimistic outlook, coinciding with market signs of a signs recovery phase. With Bitcoin trading above $36,000, it has reached its highest point since early May 2022, a trend bolstered by rising anticipation regarding the likely approval of a U.S. Bitcoin spot price ETF expected next year.
Last week, the venture capital firm Andreessen Horowitz, well-regarded in the crypto space, announced announced its intention to raise approximately $3.4 billion designated for early-stage and seed-stage investments.
The firm is planning to assemble funds targeting new growth, crypto, and biotech investments by 2025. Similarly, another key player in venture capital, Blockchain Capital, shared the news has successfully secured $580 million for two new funds focused on cryptocurrency investments.
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