Whoobi, a leading cryptocurrency exchange, has announced the creation of a new investment arm to tackle decentralized finance and Web3 projects. Ivy Block, as it was named by the exchange, will focus on finding projects at the seed level to support them through funding and other support services aimed at building an “improved, more inclusive” Web 3 ecosystem.
Huobi has entered the Web3 investment scene with Ivy Block
With so many crypto exchanges and VC firms joining the trend, Web3 has become a thriving new industry. Huobi, one of the top ten cryptocurrency exchanges in terms of volume transactions, has announced the launch of its own investment arm to address these new markets. Ivy Block, as the exchange is named, will have the task of identifying potentially successful Web3 and decentralized finance projects to emerge and nurture.
According to a PR statement issued by the company, Ivy Blocks will have a multi-billion dollar war chest to meet the target, which makes it “suitable for taking advantage of unique opportunities in the global cryptocurrency market.” To support these projects, ideally, at their seed or growing stage, Ivy Blocks will launch three core services.
These services include a resource management platform for decentralized financing (DFI) projects, an innovation-led incubation division and more research-driven crypto platforms. All of these services will be available at companies under the Ivy Block branch
Financing is a key part of the support that an investment company provides to its portfolio companies. The Ivy Block operation is simple and it tries to give startups this financial support, which usually fails due to money-related problems. The relationship that will be with the new company’s portfolio projects, says Huobi CFO Lily Zhang:
Many promising projects face liquidity constraints and a lack of support to market, which presents significant obstacles to growth. Our focus on providing such projects with liquidity investment and incubation services will undoubtedly contribute to building a better, more inclusive define and web 3 blockchain ecosystem.
Ivy Block has more than 1 1 billion in assets under management (AUM) from several companies already incubated. One of them is Capricorn Finance, an automated market maker (AMM) built on top of the Cube blockchain.
Other exchanges have also recently invested in Web3 projects Binance Labs, the investment arm of the exchange, reported that it launched 3 500 million in funding for the June 3 Web3 project.
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