The top-3 trading platform dealing with cryptocurrencies – Huobi – has reportedly established a fund aimed at investments into China- and South Korea-based blockchain startups.
The new project is a joint venture between Huobi and NewMargin Capital (China) and Kiwoom Securities Co., Ltd. (South Korea).
According to the news reports, the company will also cooperate with some local banks that can finance the future project.
"South Korean banks including Korea Development Bank and Industrial Bank Of Korea will be investing in the fund as limited partners. The fund is targeting 100 billion Korean won (US$93 million)," reported local media citing the company statement.
In addition, one more investor will come from Seoul – Mirae Asset Financial Group. As the company commented, the generated sum of investments is to be allocated for support and boost of the links between Chinese and Korean startups.
It is worth mentioning, that the exchange decided to create the fund seeing similar steps taken by its rival Binance, which announced a $1 billion fund earlier.