Samreen Ahmad · · 1 min readHuobi Global unveils investment arm for blockchain ecosystem
Cryptocurrency trading platform Huobi Global has rolled out Ivy Blocks, an investment unit focused on decentralized finance (DeFi) and the Web3 blockchain ecosystem.
Photo credit: Huobi Global
While Huobi did not disclose the fund size of Ivy Blocks, it has “multibillion-dollar war chest.”
A Deloitte report found that only 8% of the 86,000 cryptocurrency projects listed on Github have been successful. In Ivy Blocks’ view, these projects fail because they lack support.
“Our focus on providing such projects with liquidity investments and incubation services will no doubt contribute towards creating a better, more inclusive DeFi and Web3 blockchain ecosystem,” Lily Zhang, Huobi’s chief finance officer, said in a statement.
See also: Can Stepn, the new hottest crypto project, go the distance?
Editing by Eileen C. Ang
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