Huobi, the world’s third[1] largest cryptocurrency exchange[2] 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[3] yesterday, June 1.
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[4], currently the world’s largest[5] 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[6] for anonymity-oriented altcoin MobileCoin this April.
Also yesterday, Huobi launched a new crypto-based exchange traded fund[7] (ETF), based on its recently launched[8] market index, which tracks the exchange’s 10 top-traded digital assets against Tether[9] (USDT). Headquartered in Singapore, Huobi has recently launched[10] a South Korean subsidiary, as well as revealing plans to open offices in London[11] and San Francisco[12].
Huobi is currently seeing 24-hr trade volumes[13] of around $1.27 bln on the day to press time.
