Standard Chartered’s SC Ventures has become the first outside strategic investor in London-based crypto market maker and OTC trading desk GSR. The investment valued GSR at $1 billion according to Bloomberg. The two firms have an existing relationship following last month’s funding round for Libeara, the SC Ventures incubated tokenization firm, where GSR led the funding.
While SC Ventures is the first outside strategic investor, GSR has previously received funding totaling $167 million. GSR International is controlled by UK-based investment firm CNC Inversiones, which made a significant investment in 2021. GSR reported revenues of $287 million for the year ending June 2024, with a $71 million after tax profit.
SC Ventures has long been interested in crypto trading, having also incubated Zodia Markets, partnering with Hong Kong’s OSL. However, in the last couple of years Zodia Markets found product market fit by focusing on FX for stablecoins and providing a bridge to fiat with its bank relationship.
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