Crypto Exchange Huobi Jointly Launches $93 mln China-South Korea Blockchain Fund

in #blockchian6 years ago

Huobi, the world’s third largest cryptocurrency exchange by trade volumes, has entered into a partnership to launch a $93 mln China-South Korea investment fund for blockchain companies, the China Money Network reported yesterday, June 1.1450_Ly9jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy84MmRiZjViYjQyZDUwNjE1MDU3YzU5ZjgyMTA0OTZmNC5qcGc=.jpg

Huobi, together with Chinese investment firm NewMargin Capital and South Korean securities firm Kiwoom Securities Co., Ltd., will use the $93 mln fund to invest in blockchain startups and foster collaboration between the two countries. A third company, South Korean Mirae Asset Financial Group, will also reportedly join the initiative as an investor.

The news comes just a day after Huobi’s rival Binance, currently the world’s largest crypto exchange, revealed its own plans to create a major $1 bln cryptocurrency-based fund to support blockchain and crypto startups. Binance’s existing incubator ‘Binance Labs’ has already supported four blockchain projects, among them a recent $30 mln funding round for anonymity-oriented altcoin MobileCoin this April.

Also yesterday, Huobi launched a new crypto-based exchange traded fund (ETF), based on its recently launched market index, which tracks the exchange’s 10 top-traded digital assets against Tether (USDT). Headquartered in Singapore, Huobi has recently launched a South Korean subsidiary, as well as revealing plans to open offices in London and San Francisco.

Huobi is currently seeing 24-hr trade volumes of around $1.27 bln on the day to press time.

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