Partnered with blockchain companies in China and South Korea, Huobi has announced a $93 million fund focus on blockchain startups, via CoinDesk.
From the news:
According to a report by the China Money 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 South Korea, including Korea Development Bank and Industrial Bank Of Korea, are to invest in the fund as limited partners, the report adds.
Blockchain focused funds are a new wave of investment from several cryptocurrency companies that are investing back in the technology and support the blockchain ecosystem. Several major crypto giants such as Ethereum, Bianance, and NEO have created their own funds to support the ecosystem. Some cryptocurrency companies have either partnered with other funds or have invested in other blockchain focused funds.
Earlier this year, Ripple announce it has invested $25 million in a fund that supports XRP. Binance earlier reported that it has created $1 billion fund to supports its own ecosystem. Coinbase also launched its own fund as well.
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