Huobi Ventures to Invest $10M in Early-Stage GameFi Projects
- The new GameFi fund, which will support projects combining digital assets and gaming, will help Huobi profit from the “play-to-earn” hype.
- Selected projects will not only receive monetary help from Huobi, but also support in marketing, PR, financial and legal advice, technical, and commercial assistance.
Shutterstock
Huobi Venture has once again launched a DeFi fund, this time focused on supporting projects that combine DeFi features with gaming (GameFi), Huobi said in a press release published on 14 September.
According to the announcement, the $10 million GameFi fund will provide direct investment to projects that are developing blockchain-based games combined with DeFi mechanisms, such as “play to earn” features. Once projects have been selected, they will not only receive monetary help from Huobi, but also support in marketing, PR, financial and legal advice, technical support, and commercial assistance. The director of strategic investments at Huobi Ventures, Unica Yin, said in a statement:
“This $10 million fund aligns with Huobi Ventures’ goal to grow the blockchain ecosystem for a digital economy, and to support and promote developers who work on cutting-edge GameFi projects. We will provide support and resources to help these projects scale and take advantage of Huobi Group’s ecosystem.”
Huobi Group launched Huobi Ventures back in May, with the goal of deploying $100 million into early-stage blockchain and DeFi projects over the next three years, and also establish a $10 million NFT fund. The investment arm consolidated several existing investment vehicles — namely Huobi Capital, Huobi DeFi Labs, and Huobi Eco Fund — into a single entity.
Prior to launching the GameFi fund, Huobi Venture had already invested in some projects that were trying to combine blockchain gaming with DeFi, such as Supernova, Immutable, and Rangers Protocol.
- The Securities Commission Malaysia ordered Huobi Global to stop all of its activities in the country as it was not registered with the regulator, and was operating illegally.
- The exchange was also directed to disable its website and mobile applications, as well as cease all advertising of its products and services in the country.
Shutterstock
- Blockchain has not only affected the financial industry but also the gaming world, and game developers are increasingly incorporating the technology into their products.
- Although the technology is extremely secure, it is important to remember that safety starts with the user, and it is up to them to ensure their protection online.
- Cryptocurrency exchange Huobi revealed that it is working on acquiring a crypto trading license in Hong Kong, and on opening a new trading platform in the city.
- The expansion was motivated by the Securities and Futures Commission’s (SFC) upcoming licensing regime, which could also allow retail investors to trade crypto.