China-based cryptocurrency exchange operator CoinEx yesterday launched a $50m Ecosystem Development Fund to invest in companies developing products and services relevant to its business.
Portfolio companies will also receive advice on product design, technology development, branding and marketing.
CoinEx hopes the fund will allow it to drive innovation within the blockchain industry. It has already made its first investment in OneSwap, a China-based decentralised exchange protocol developer, though details were not disclosed.
Founded in 2017, CoinEx operates a cryptocurrency exchange available in almost 100 countries and regions. It has been licensed by the regulator in Estonia.
Haipo Yang, founder and CEO of CoinEx, said: “CoinEx has always been optimistic about the future of decentralised exchanges, and OneSwap’s innovative concept as a decentralised protocol has surprised me.
“This is also the main reason why CoinEx’s Ecosystem Development Fund chose to invest in this project. We have made this first step, and there will be more room for the cooperation between CoinEx and OneSwap in the future.”
