Huobi exchange operator just hired an ex-banking giant to lead the new DeFi fund that was formed to invest millions of dollars in its own capital as we are reading more in our Huobi token news.
The Huobi exchange operator said in an announcement that it has launched a new business unit called Huobi DeFi labs to manage the new fund. The DeFi lab will comprise of four staffers that will focus mostly on investment, research, and incubation for all defi-related projects. The exchange hired a former banker named Sharlyn Wu as its chief investment officer to lead the initiative. Wu spent three years leading the blockchain investment arm at China Merchant Bank International which is the overseas branch of the biggest banks in China.
The CMBI invested in a few crypto and blockchain firms including the wallet startup Bitpie and the public blockchain project Nervos. Wu said:
“It is exciting to see the power of the permissionless economy unleashed at global scale. However, there are still many problems to be solved at the theoretical and technical levels.”
The new fund came at a time when crypto VCs are getting in on their investments in the DEfi related protocols. Injective Protocol announced the raise of $2.6 million led by Pantera while Polychain and Three Arrows capital-backed another protocol KeeperDAO.
The second-biggest crypto exchange Huobi enters the digital asset industry by launching a new digital asset custody platform, expanding even more by getting into the custodian business. The digital asset custody business is quite similar to the custodian business for equities since third-party neutral holders are keeping the asset as the deal settles. In Asia, most of the industry is stationed in Hong Kong because of the favorable rules. Huobi enters the digital asset industry as they started targeting accredited investors and institutions that will let investors subscribe to token offerings from partners on the platform with an investment ceiling of 10 BTC depending on the risk profiles.
Huobi is one of the world’s largest crypto exchanges and has announced an integration with Chainlink with future plans to leverage oracles and to make the exchange’s trading API available to smart contracts. The integration will make realtime market price data easily visible to Defi and other dapps.
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