The website of China Money Network reported on 1 June that the cryptocurrency exchange Huobi has signed an agreement with Chinese investment company NewMargin Capital and South Korea’s Kiwoom Securities Foundation to support the blockchain startups in China and South Korea. Their money in this Fund will be contributed by Korea development Bank and Industrial Bank of Korea, having its partners with limited liability.
The founders of the Fund hope to raise funds in national currency equivalent to $93 million They are going to not only Finance startups but also to develop cooperation between the blockchain projects in China and South Korea.
The agreement became known in that day when Huobi has launched a cryptocurrency exchange investment Fund (ETF), which will give investors access to a basket of assets rather than to each individually. The new investment tool called HB10 available by subscription.
Furthermore, on 1 June it was announced that competitor cryptocurrency exchange Huobi Binance launches a project called Social Impact Fund (the”Fund social impact”), designed to stimulate the development of cryptocurrency and blockchain startups. Binance intends to spend $1 billion of their own funds for the establishment of a structure to provide a so-called Fund of funds, as well as to provide financing to startups directly.