Author: Gan Jia Ci
Global cryptocurrency exchange giant Huobi has teamed up with Chinese investment corporation NewMargin Capital and South Korean securities firm Kiwoom Securities Co., Ltd to start an investment fund that aims to facilitate blockchain companies in both China and South Korea, encouraging synergy among them. According to China Money Network, the targeted fund amounts to 100 billion KRW (US$90 million).
Several South Korean Banks including Korea Development Bank and Industrial Bank Of Korea are also expected to partake in the fundraising investment effort as limited partners. Not only that, independent financial services firm Mirae Asset Financial Group will also be joining the project as an investor.
Huobi also announced the launch of an cryptocurrency-based Exchange-Traded Fund (ETF) on 1 June. The new investment instrument – HB10 – allows retail investors to have access to a band of assets rather than just one at a time.
Announced on the same day, rival exchange platform Binance will be launching a “Social Impact Fund” to promote and support blockchain and cryptocurrency startups.
Worth $1 billion, the funding will be directed from Binance’s own capital reserves to create a compilation of a fund of funds to invest in blockchain initiatives. It was reported that Binance will be providing the full amount of $1 billion over 10 phases of $100 million.