SC Ventures, the venture arm of Standard Chartered, will be launching a digital asset fund that is valued at $250 million, in a bid to invest in a sector reflecting increasing investor appetite, as per a Bloomberg report.
The move comes after multiple firms have started to invest heavily in cryptocurrency, creating corporate treasuries of their own. Apart from the digital asset fund, SC Ventures will also be pitching money towards African investments, to be officially considered its first Africa-focused venture debt fund.
The fund is expected to have a global scope and will consider various assets for investment. According to Blockonomi, the venture arm is considering investment sources for the Middle East.
The latest initiative by one of Standard Chartered’s subsidiaries shows a focus on bringing traditional financial services and blockchain-based assets closer together.
Also Read: Binance Smart Chain becomes leading blockchain for consumer-sized stablecoin payments