Exchange Huobi Will Create A $93 Million Fund To Develop Blockchain Startups
The Huobi Exchange has announced the opening of a new fund, whose task will be to help new blockchain start-ups. The fund will be implemented through successful cooperation with such giants as NewMargin Capital (a Chinese investment company) and Kiwoom Securities (a securities firm from South Korea). The question of financing the fund is also provided. A couple of banks from Korea Korea Development Bank and Industrial Bank Of Korea will take part in it. They will act as partners, but with limited responsibility.
As it was already mentioned, the fund will be aimed to help start-ups, but this applies only to projects from China and South Korea. Initially, the capital of the fund should be approximately equivalent to $93 million in national currency. In addition to supporting and developing start-ups, this will also help to strengthen the partnership between China and South Korea's blockchain projects.
Recently, crypto exchange Huobi is active, because earlier it was said that it will launch its new index fund, aimed at working with institutional investors. Now they can access all of their assets without updating or testing each separately. Such an investment tool HB10 is already open for subscription.