Standard Chartered's VC arm plans $250 million digital asset fund: Bloomberg
Quick Take
- SC Ventures is planning to raise capital for a $250 million fund focused on digital asset services, Bloomberg reported.
- The company aims to launch the fund next year with backing from Middle Eastern investors.
SC Ventures is planning to raise capital to build a $250 million fund that is set to invest in digital assets in the financial services industry, according to Bloomberg.
The global bank's venture capital arm plans to launch the fund in 2026 with backing from investors in the Middle East. The fund aims to invest globally, Gautam Jain, partner at SC Ventures reportedly said Monday at Money 20/20 event in Saudi Arabia.
Jain noted that SC Ventures is also planning a $100 million fund to invest in Africa and is considering setting up its first venture debt fund, according to the report. However, it is unclear whether either fund would focus on digital assets.
The announcement aligns with a broader wave of institutional interest in digital assets. Major banks like JPMorgan and Goldman Sachs have also been expanding their crypto offerings, as seen in JPMorgan's Kinexys and Goldman's tokenized money market fund with BNY Mellon.
Meanwhile, the fund's Middle Eastern backing signals the region's emergence as a crypto and blockchain hub. In the past few years, the UAE and Saudi Arabia have introduced progressive crypto regulations, such as Dubai's Virtual Assets Regulatory Authority and Saudi Arabia's sandbox allowing more room for blockchain innovation.
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