Huobi Partners With Banks And Institutions To Form A $93Mn Blockchain Investment Fund
Huobi, one of the largest Crypto Exchanges in the world is partnering with several banks and institutions to form a 100 Billion Korean Won (93 Mn USD) fund to invest in Blockchain related startups in China and South Korea.
According to a report by the China money network, Huobi is partnering with Chinese investment firm NewMargin capital and South Korean securities firm Kiwoom securities as well as banks Korea Development Bank and Industrial Bank of Korea along with Mirae Asset Financial Group based out of Seoul, South Korea to invest in Blockchain related startups.
Huobi is one of the largest exchanges in the world with daily volumes in the range of $100-200 Million. Huobi initially operated from Beijing, China and was the biggest exchange there but after the government banning all exchanges, they moved their operations to Singapore and Korea.
Huobi recently also expanded its operations to Brazil and also started hiring. The Singapore based exchange seems to rapidly expand worldwide to capture different markets. The exchange already has offices in Singapore, South Korea, Japan, USA and also announced that they are planning to open an office in Toronto, Canada.
Huobi also recently launched a Cryptocurrency Exchange traded fund.
It’s major rival Binance recently announced a Billion Dollar Fund to back Blockchain and Crypto Startups.
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