The international digital currency trading platform, Huobi is launching a China-South Korea investment fund to finance the upcoming blockchain companies in the two countries.
China Money Network recently reported the collaboration of Huobi with NewMargin Capital, a Chinese investment firm and Kiwoom Securities, an online brokerage firm based in South Korea.
Huobi team has planned to raise 100 billion Korean Won [KRW] for this initiative. Some of the famous banks from South Korea like Korea Development Bank and Industrial Bank of Korea will be partnering this fundraiser plan, as limited partners.
An independent financial services group named Mirae Asset Financial Group will also be a part of this investment fund.
The Beijing originated cryptocurrency platform has over 200 trading pairs available for its investors. The exchange is currently spread across various Asian countries, Canada, South Korea, etc. Some of the recent sources also reported that Huobi will soon launch a subdivision in San Francisco as well. Almost a month ago, the Huobi team also expanded its presence to Europe by establishing a branch in London.
A tweet by Huobi news:
“#Cryptocurrency exchange @Huobi_Pro Huobi, along with a few #SouthKorean partners, has announced that they will be joining hands to create a #blockchain startup investment fund.”
Huobi also announced the launch of a new cryptocurrency-based exchange-traded fund [ETF], which lets its investors take an exposure to multiple cryptocurrencies through a single holding.
The ETF has been named as the Huobi 10 [HB10], wherein the investors can subscribe to the ETF using only cryptocurrencies such as Bitcoin [BTC], Ether [ ETH], Tether [USDT], or Huobi Tokens.
HB 10 has the ability to reduce the impact of institutional entry and exit on single cryptocurrencies.
The service is currently not available for the investors from the U.S., considering the regulatory issues over cryptocurrency-related ETFs.
Gabor Gurbacs, an Entrepreneur says:
“crypto hedge funds and limited partnerships do the same. It’s extremely misleading and technically illegal. I am fairly certain that these type of abuses won’t go unnoticed by regulators. It puts ETFs and legitimate fund providers and crypto efforts in an uncomfortable situation.”
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