- SC Ventures and SBI Holdings team up for a $100 million crypto venture in the UAE, focusing on diverse crypto areas like DeFi, tokenization, and the metaverse.
- Ripple’s XRP gains momentum, with a prediction that it could reach close to $2 in 2024, driven by adoption from major global banks like HSBC and JP Morgan.
SC Ventures, the investment arm of Standard Chartered Bank, has joined forces with SBI Holdings, a prominent Japanese financial conglomerate, to establish a substantial $100 million crypto venture in the United Arab Emirates (UAE).
This initiative aims to invest in various aspects of the crypto sphere, including decentralized finance, tokenization, infrastructure, payments, and the emerging metaverse. Importantly, this collaboration extends its reach globally, focusing on financing startups from seed to Series C funding rounds.
Crypto Market Resurgence and Bullish Sentiment
The announcement of this joint venture comes at a time when the cryptocurrency markets are showing signs of resurgence. With Bitcoin currently trading at around $36,800, marking a remarkable year-to-date gain of over 120%, it’s evident that renewed interest is taking hold.
This resurgence is not limited to Bitcoin alone, as spot crypto trading volume on centralized exchanges witnessed a notable increase in October after four consecutive months of decline. These indicators suggest that the crypto market is anticipating the potential approval of a spot Bitcoin ETF early next year.
Alex Manson, the CEO of SC Ventures, has outlined the venture’s strategy, emphasizing “strategic and minority investments” in crypto startups. This approach leverages SC Ventures’ extensive experience in digital assets, drawn from ventures such as Zodia Custody and Zodia Markets and investments in fintech companies like Ripple and Metaco. SC Ventures recently exited its stake in Metaco when Ripple acquired it for a significant $250 million.
It’s worth highlighting that SC Ventures and SBI Holdings have previously co-invested in several startups, including Solv, Zodia Custody, and myZoi. This track record of successful collaboration sets the stage for the $100 million crypto venture’s success in the UAE and beyond.
SBI Holdings’ Expanding Investment Reach
In addition to this collaboration, SBI Holdings is set to launch a separate fund by the end of the year, earmarking up to 100 billion yen (approximately $663 million) for investments in web3, AI, and fintech startups. Notably, other Japanese financial giants, including Sumitomo Mitsui Banking Corporation, Mizuho Bank, Nippon Life Insurance, and Daiwa Securities Group, have already committed to investing over 50 billion yen in this fund. This expansion underscores the growing interest in emerging technologies and the appetite for strategic investments.
Ripple’s XRP Performance
Ripple’s native token, XRP, has been making market waves. Currently hovering around the $0.70 mark, XRP has recorded a nearly 4% gain in the last 24 hours alone. Over the past 30 days, XRP has surged by nearly 41%, moving from a low of $0.49 to a high of $0.70. The cryptocurrency’s steady climb reflects strong bullish sentiments and suggests the potential for further growth.
With XRP’s impressive performance, the question on many investors’ minds is whether it will surpass the $1 mark and reach $2. Leading on-chain metrics and price prediction firm CoinCodex has provided an optimistic outlook, forecasting that XRP could approach $2 sometime in 2024. The prediction estimates a yearly high of $1.95, falling just 5 cents short of the $2 milestone.
This bullish forecast considers the adoption of Ripple’s fintech solutions by leading global banks. HSBC, for instance, recently launched a digital asset custody service in collaboration with Ripple-owned entities. Additionally, JP Morgan introduced its first collateral settlement using blockchain technology, further cementing the role of blockchain in the financial sector.
