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Homepage / News June 2, 2018 76 views

Huobi Partners on $93 Million China-South Korea Blockchain Fund

Huobi Partners on $93 Million China-South Korea Blockchain Fund

Hot on the heels of its recently announced cryptocurrency ETF supplying, Huobi has revealed a new partnership that will see it launch an investment fund committed to blockchain startups in China and South Korea.

According to a report by the China Cash Network on Friday, the cryptocurrency exchange has teamed up with Chinese investment firm NewMargin Capital and South Korean securities firm Kiwoom Securities on the joint effort. Banks from&nbspSouth Korea, like Korea Development Bank and Industrial Bank Of Korea, are to invest in the fund as limited partners, the report adds.

The organizations are hoping to raise the neighborhood equivalent of $93 million to be invested in blockchain startups in China and South Korea, as well as to encourage cooperation between blockchain projects in the two nations.

The news comes on the identical day that Huobi&nbsplaunched an exchange-traded fund (ETF) based on cryptocurrencies &ndash aimed to permit retail investors to gain exposure to a basket of assets instead of just one particular at a time.&nbspThe investment instrument, called HB10, is now open for subscriptions, even though the firm will only accept funding employing cryptocurrencies.

Also announced right now was a fund set up by rival crypto exchange Binance, which mentioned it was launching a $1 billion “Social Effect Fund” to increase the growth of blockchain and cryptocurrency startups.

Binance aims to use $1 billion of its personal capital to create a mixture of a fund of funds and a direct fund that invests in blockchain projects.

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Published at Fri, 01 Jun 2018 15:01:00 +0000