$93 Million China-South Korea Blockchain Fund
Having established a buzz about its formerly announced Exchange Trade Fund offering, Huobi is now looking forward to a partnership that will involve launching an investment fund dedicated to harnessing Blockchain startups in South Korea and China.
China Money Network has recently reported on Friday that Huobi has joined forces with South Korean security firm Kiwoom, and Chinese investment firm NewMargin Capital. The outcome of this collaboration is that South Korean banks intend to invest in this fund as limited partners. Among the list of South Korean banks that are to invest, are Korean Development Bank and Industrial Bank of Korea, etc.
The projected equivalent that the companies have hoped to raise via investments for South Korean and Chinese startups is close to $93 million. Their mission is also to harbour collaborations between projects related to Blockchain between the two nations.
What’s interesting to note is that this news comes to us on the same day when Huobi launches its ETF which I based on crypto and targets to enable retail investors in gaining collective exposure about a series of opportunities than a timely singular experience. Although the firm will only be accepting crypto funds at present, their instrument HB10 is now ready for subscriptions.
Additionally, following the footprints of Huobi, rival company Binance has set out the word about launching a hefty $1 billion fund that’s directed towards “Social Impact” for burgeoning the growth of Blockchain and crypto startups. This seems like a good way to go about it, we guess. Like Corey Taylor has sung: “Maybe I’ll find you, coming right behind you.”