Huobi Blockchain China South Korea 4 Jun 2018
One of the biggest cryptocurrency exchanges in the world, Huobi, has partnered with the Chinese investment firm NewMargin Capital and South Korean securities firm Kiwoom Securities to create a China-South Korea Blockchain Fund.
4 June, AtoZ Markets – Following its freshly announced cryptocurrency ETF proposal, Singapore-headquartered crypto exchange Huobi has stated that it plans a new partnership. According to the online reports, the partnership will be aimed at the investment fund for the Blockchain startups in South Korea and China.
As per the local media reports in China, the digital currency exchange has partnered with the Chinese investment firm NewMargin Capital and South Korean securities firm Kiwoom Securities. The report also adds that some banks from South Korea, these including Korea Development Bank and Industrial Bank Of Korea, are looking into the opportunity to invest in the fund. They will be participating as limited partners.
The firms are expecting to raise the local equivalent of $93 million sum. The funds will be invested in Blockchain startups in South Korea and China. The collaborating parties are also planning to encourage the cooperation between Blockchain projects in the two countries.
This news emerges at the time of Huobi launching an exchange-traded fund (ETF) based on cryptocurrencies. The fund is aiming to enable retail investors to have exposure to a basket of assets alternatively to just one at a time. The investment instrument HB10, is now available for subscriptions. However, the firm is only planning to accept funding via cryptocurrencies.
Moreover, today saw an announcement about the launch of a fund by competitor cryptocurrency exchange Binance. The digital currency exchange stated it was setting up a $1 billion "Social Impact Fund" that aims to prompt the growth of Blockchain and cryptocurrency startups.
The exchange is planning to use $1 billion of its own capital to form a combination of funds and a direct fund that will invest in Blockchain projects.
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