China News by Thebittimes.Com

Standard Chartered’s investment arm, SC Ventures, and SBI Holdings have announced plans to create a $100 million crypto firm or “Digital Asset Joint Venture investment company” in the UAE (United Arab Emirates). According to an announcement, the partnership will invest in DeFi, tokenization, consumer payments, and the Metaverse.  The announcement notes that, in May, Standard Chartered signed a Memorandum of Understanding (MoU) with the Dubai International Financial Centre. The MoU aimed for collaboration in the digital asset space, including digital asset custody. Moreover, in the same month, the bank’s investment arm exited its stake in Metaco, a crypto firm owned by Ripple. Metaco recently announced a partnership with HSBC to offer storage solutions for the bank’s upcoming custody services. Also Read: HSBC To Launch Digital Asset Custody With Ripple-Owned Firm Standard Chartered and SBI Holdings’ latest move is another step forward...

Crypto exchange Rain has been granted permission by Abu Dhabi’s Financial Services Regulatory Authority to operate a virtual asset brokerage. The firm has also been green-flagged to offer custody services to its clients. Rain received its Financial Services Permission [FSP] on Tuesday, July 25. This means Rain can now offer institutional and retail customers the ability to buy, sell and store virtual assets. Furthermore, clients will be provided with a seamless fiat-to-virtual asset on-ramp service in UAE dirhams. Rain Trading Limited (Rain ADGM) has been granted the first Financial Services Permission (FSP) by Abu Dhabi Global Market’s Financial Services Regulatory Authority to operate a virtual assets brokerage and custody service. pic.twitter.com/EyxCj4HbNy — Rain (@rain) July 25, 2023 Also Read: Will Wall Street Accept the ‘Trillion’ Dollar Crypto Custody Challenge? The FSP also opened doors for Rain to list additional crypto asset tra...

FTX exchange has come a long way since its inception in May 2019. Founded by Sam Bankman-Fried, the exchange provides spot trading for over 250-plus cryptocurrencies and 300 market pairs. Fried has always been a visionary. Fried has eyed the global expansion of his cryptocurrency exchange services for quite a while. FTX has also turned out to be one of the most robust firms that safely rode the “crypto winter” wave. It has also ended up as a last resort for several firms that were financially struggling to survive. In one of the latest announcements, FTX unveils that it is super excited to expand its operations and services in the UAE . JUST IN: 🇦🇪 #FTX is now available in the UAE. — Watcher.Guru (@WatcherGuru) October 31, 2022 FTX to expand its services in the UAE With this new presence, the FTX exchange will provide its services to cryptocurrency enthusiasts in the UAE region. The UAE is trying to establish itself as a crypto hu...