Huobi launches $1 billion investment vehicle focus on Web3 and DeFi with the exchange wanting to take a stab at these industries via the investment branches so let’s read more today in our latest Huobi news.
Huobi is a decade-old crypto veteran who established a new investment arm called Ivy Blocks and will focus on supporting the growing ecosystem of DEFI and Web3-based blockchain protocols. The official press release shows that the new feature will focus on identifying and investing in blockchain projects to help unlock the growth potential and services to boost innovation and development in web3 and DEFI.
The company said Ivy Blocks will have up to $1 billion worth of crypto under management and asserted that this amount will allow the investment branch to be well placed to take advantage of the unique opportunities in the markets. Ivy Blocks will evaluate the projects by their ideas and will provide them with the needed tools to succeed. It will launch three core services dubbed Liquidity Investment Department, Ivy Research, and Ivy Labs. The first will be the asset management platform, the second will be a research branch focused on crypto and blockchain and the second will be the blockchain incubator.
Ivy Blocks will rely on those to encompass liquditiy investmetns, project boosts, and technical guidance. Huobi CFO Lily Zhang added:
“Many promising projects tend to encounter liquidity constraints and a lack of go-to-market support, which present significant barriers to growth. Our focus on providing such projects with liquidity investments and incubation services will no doubt contribute towards creating a better, more inclusive DeFi and Web 3 blockchain ecosystem.”
As recently reported, Huobi global expanded its continental footprint by buying Bitex which is a crypto platform that built the first BTC exchange in Latin America but both parties didn’t release any financial details about the deal. Huobi acquired Bitex but there were no details about the purchase. Bitex was founded in 2014 and operates in Paraguay, Chile, Argentina, and Uruguay. The platform allows its customers to trade on the Huobi platform and in the meantime, Bitex will keep its own branding and management team after the integration.
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