World’s third largest cryptocurrency exchange platform in terms of trade volumes Huobi has entered into a $93 million China-South Korea investment fund for blockchain companies.
According to China Money Network, Huobi, alongside Chinese investment firm NewMargin Capital and South Korean securities firm Kiwoom Securities Co., Ltd., will use the $93 million fund to invest in blockchain startups.
It is aimed at fostering collaboration between the two countries. A third company, South Korean Mirae Asset Financial Group, is expected to be part of the collaboration as an investor.
On June 1, Huobi took a giant step in the cryptocurrency world by launching crypto-based Exchange trust Fund (ETF).
Heavyweights in the crypto-trading market have since beginning of 2018 been coming up with huge projects as part of their plan to dominate the digital currency market.
It’d be recalled that the world’s largest crypto exchange , Binance, which is currently giving out $3 for new registration on its platform, is on the path of creating a major $1 billion 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 million funding round for anonymity-oriented altcoin MobileCoin this April.
Huobi is an international multi-language and multi cryptocurrency digital trading platform and exchange.
It has headquarters in Singapore, and other branch offices in Hong Kong, Korea, Japan and the United States.