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Cryptocurrency exchange Huobi Globalcreated a new investment division with $1 billion under management and focused on decentralized finance (DeFi) and non-fungible tokens (NFT).
The division, which was named IvyBlocks will invest in promising blockchain projects. In addition to funding, selected startups will be provided with various services, including an asset management platform, a blockchain incubator and a dedicated research unit.
According to the CFO of Huobi GlobalLily Zhang, Many promising projects face liquidity constraints and lack of support when entering the market. The company intends to help DeFi and Web3 projects get started. The first project to receive funding was the automated market maker Capricorn Finance on the Cube blockchain.
“This week we announced strategicinvestments in the Cube project, which may well become the leading Web3 blockchain in the future. This year we plan to invest in 2-3 more public blockchains that will align with our vision. NFTs are constantly evolving, and we think this industry will become the face of Web3,” Zhang said.
Huobi Global is now focusing on expansionyour business in the international arena. The company previously acquired one of Latin America's oldest trading platforms, Bitex, to expand its presence in the region.
