China-headquartered cryptocurrency trading platform developer Huobi has established a $100m strategic investment fund, Coindesk reported today.
Founded in 2013, Huobi operates a blockchain-equipped online platform where users can buy and sell digital currencies including Bitcoin, Ethereum and XRP.
Huobi Ventures will make early-stage investments in blockchain-focused companies which can integrate their operations with its parent company’s businesses, in addition to decentralised finance (DeFi) projects and merger and acquisition deals.
The unit has reserved $10m of the capital for investments in non-fungible tokens (NFTs) and NFT marketplaces, and it brings together existing Huobi subsidiaries including Huobi Eco Fund, Huobi Capital and Huobi DeFi Labs. It will be headed by Huobi’s chief financial officer, Lily Zhang.
Zhang said: “We have had separate teams focus on different investment strategies, but by bringing everyone together under a single entity, we can create a more cohesive strategy and continue to invest in and support the most innovative projects that are shaping the blockchain and DeFi spaces.”
