Huobi poured millions into Defi investment and research projects to drive the decentralized finance growth and even hired a former Wall Street executive as we are reading more in the upcoming altcoin news.
Huobi established a new DeFi division to help drive the growth via the new investment and research branch. Former Wall Street executive Sharlyn Wu joined the firm to lead Huobi Defi labs and the division will start with millions of dollars to put into investments. Huobi poured millions in research in the new division focused on decentralized finance investment, research, and incubation. DeFi refers to non-custodial projects such as lending protocols, decentralized exchanges, and stablecoins. Huobi Defi will start the investment funds according to a press release and aim to help boost the growth of the market.
The Singapore-based company added Sharlyn Wu and its new Chief Investment Officer to lead the Defi division as Wu led the blockchain investment as the Managing Director at China Merchant Bank International and before to that spent ten years at UBS:
“Over the past two years, we have witnessed the birth and exponential growth of DeFi. The width, depth, and speed of innovations are unparalleled in human history. It is exciting to see the power of permissionless economy unleashed at global scale. However, there are still many problems to be solved at theoretical and technical level.”
Wu further explained that these benefits of DeFi as efficiency and transparency compared to the current finance system along with eliminating the human errors on decisions saying that crypto is a perfect system for finance:
“There is also a lot of investor education to do in order to bring crypto and DeFi to mainstream users. As DeFi is still in its infancy, it needs collective efforts from the global community to build and grow the space together.”
Huobi DeFi Lab will start a new team of four research and investment professionals will announce a new investment branch and the startups that it will incubate. CMBI invested in a wallet Bitpie and the blockchain public network Nervos and Wu leadership. Huobi’s entry and investment into the Defi system come at a time in which the market is skyrocketing setting new benchmarks every day. Earlier this week, the Defi market cap neared $9 billion.
Tokens such as Band and Chainlink and Nest are now leading the Defi charge and Uniswap which has seen a 15-fold traffic surge during the boom. There is a growing fear that fast expansion is actually fuelling a bubble before the 2017’s ICO bubble.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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