Huobi, the global cryptocurrency exchange, has partnered with NewMargin Capital and Kiwoom Securities Co., Ltd. to start an investment fund to support blockchain enterprises in China and South Korea and encourage cooperation among the enterprises, according to China Money Network. The fund is targeting 100 billion won ($93 million).
NewMargin Capital is a Beijing based venture firm while Kiwoom Securities is a South Korea based online brokerage firm. Industrial Bank of Korea and Korea Development Bank will invest in the China and South Korea fund as limited partners while Mirae Asset Financial Group, a Seoul based financial services group, will also be an investor.
Huobi Seeks New Growth Opportunities
The new investment fund is one of several measures Huobi has undertaken in recent months to expand its operations following China’s crackdown on cryptocurrency exchanges late last year.
Huobi was one of the largest Chinese cryptocurrency trading platforms prior to the introduction of regulations late last year. After closing its Chinese trading platform in October, company founder Leon Li launched Huobi Pro, an international trading platform headquartered in Singapore.
Expansion On Many Fronts
Huobi’s blockchain incubator, Huobi Las, recently signed an agreement to create a “Global Cultural and Creative Blockchain Lab” in Hainan Province, China, as part of a billion-dollar fund to promote blockchain technology worldwide.
Under this agreement, which Huobi Labs signed with the Tianya Community, Huobi Labs will use its resources to support the Hainan Special Economic Zone and explore the building of an international free trade port.
Huobi’s also recently offered its own token, HT, as part of a diversification strategy, which includes an expanding into South Korea and Japan.
Huobi also recently expanded its operations into Canada and Brazil. The company opened an office in Toronto, and is reportedly marketing its platform in Brazil, hiring regional staff after setting up an office in São Paulo.