Huobi, one of the largest cryptocurrency exchanges in the world, has joined with Chinese and South Korean partners to launch a $93 million China-South Korea investment fund.
China Money Network reported the deal on June 1, which sees Huobi partner with Chinese venture capital firm NewMargin Capital, South Korean financial services company Mirae Asset Financial Group, and South Korean securities firm Kiwoom Securities. The Korea Development Bank and the Industrial Bank Of Korea will also contribute to the new fund as limited partners.
The new project aims to invest 100 billion Won ($93 million) in blockchain startups from China and South Korea, facilitating cooperation between blockchain projects from the two nations.
Binance, another of the biggest crypto exchanges, also announced plans to launch a cryptocurrency-focused investment firm. The new Binance venture capital firm will be capitalized with $1 billion of Binance Coin (BNB), the native token for the exchange.