Huobi Jointly Launches $93 Million Blockchain Fund
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Huobi, the world’s third largest cryptocurrency exchange by trade volumes, announced the launch of a 100 billion won ($93 million) investment fund, which will be used to support blockchain startups from China and South Korea, China Money Network reported on Friday.

Huobi, together with Chinese investment firm NewMargin Capital and South Korean online broker Kiwoom Securities, will use the raised capital to invest in blockchain startups and foster cooperation between the two countries. Korea Development Bank and Industrial Bank of Korea are also set to take part in the fund as limited partners.

The creation of the fund is Huobi's next step in its global expansion, which followed the Chinese government’s ban on ICOs and domestic crypto-fiat exchanges last year. Huobi was one of China’s largest exchanges, but was forced to move to Singapore in response to the state’s tightening regulations. The company has also opened additional offices in Canada and Brazil.

The announcement came a day after Huobi’s rival Binance, currently the world’s largest crypto exchange, announced its own $1 billion fund to support blockchain and crypto startups.

Two weeks ago, Huobi launched its own consolidated index reflecting the overall performance of the Huobi Pro market. The index allows investors to see a single aggregated feed as opposed to checking their assets one at a time.

By Nadya Astam

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