Recently China Money Network reported that the world’s third-largest cryptocurrency exchange by trade volumes, Huobi, joined a partnership to launch a $93 mln China-South Korea investment fund for blockchain companies.
The $93 mln fund will be used to invest in blockchain startups and foster cooperation between the Chinese investment firm NewMargin Capital and South Korean securities firm Kiwoom Securities Co., Ltd. South Korean Mirae Asset Financial Group also reportedly joined the initiative as an investor as well as Korea Development Bank and Industrial Bank Of Korea are to invest in the fund as limited partners.
The news came a day after Binance, Huobi’s staunch competitor and currently the world’s largest crypto exchange, revealed their scheme to form a $1 bln cryptocurrency-based fund to aid blockchain and crypto startups. Binance Labs, Binance’s existing incubator, already helped four blockchain projects that include a $30 mln funding round for anonymity-oriented altcoin MobileCoin last April.
Based on the recently launched market index, Huobi launched a crypto-based exchange traded fund (ETF) which can track the exchange’s 10 top-traded digital assets in opposition to Tether (USDT).
Huobi also revealed a plan to open offices in London and San Francisco since Huobi recently launched a South Korean subsidiary.