Published on June 1st, 2018 | by bitcoin0
China-South Korea Partner with Houbi on $93 Million Blockchain Fund
Hot on the heels of its recently announced cryptocurrency ETF offering, Huobi has revealed a new partnership that will see it launch an investment fund dedicated to blockchain startups in China and South Korea.
Banks from South Korea, including Korea Development Bank and Industrial Bank Of Korea, are to invest in the fund as limited partners, the report adds.
The companies are hoping to raise the local equivalent of $93 million to be invested in blockchain startups in China and South Korea, as well as to encourage cooperation between blockchain projects in the two nations.
Also announced today was a fund set up by rival crypto exchange Binance, which said it was launching a $1 billion “Social Impact Fund” to boost the growth of blockchain and cryptocurrency startups.
Binance aims to use $1 billion of its own capital to create a combination of a fund of funds and a direct fund that invests in blockchain projects.