Huobi, the world’s third largest cryptocurrency exchange in terms of trading, in partnership with the two companies established an investment Fund of the China-South Korea Future Fund in $93 million for the development of companies working in the field of blockchain technologies, announced the publication of China Money Network.
Huobi together with the investment company NewMargin Capital from China and South Korean firm Kiwoom Securities Co Ltd, will use the Fund to invest in blockchain startups and the development of cooperation between the two countries. Reportedly, a third company, South Korea’s Mirae Asset Financial Group, will join the partnership as an investor.
Attempt to overtake a competitor
The news comes the day after news that a rival crypto currency exchange Binance announced its plans to create a major Fund to support development for the cryptocurrency industry and blockchain-technologies in the amount of $1 billion, Existing “Binance Labs” was supported by four bakachan project, including the recent financing round of $ 30 million for Altcoin MobileCoin in April of this year.
Also yesterday, Huobi has launched a new exchange traded Fund (ETF) based on the newly launched market index which tracks the top 10 best selling digital assets exchange vs Tether (USDT). Huobi has just opened its South Korean subsidiary, and has plans to open offices in London and San Francisco.
Currently, a 24-hour trade volume on the exchange is about $1.27 billion
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