Huobi Global is pouring $1 billion into the DeFi and Web3 sectors.
Today marks the establishment of Ivy Blocks, Huobi Global's dedicated investment sector for the DeFi and web3 blockchain ecosystems. As stated by Huobi, Ivy Blocks aims to fund promising blockchain startups to reach their fullest potential.
Lily Zhang, CFO of Huobi, expressed, \"Many innovative projects face hurdles like liquidity shortages and insufficient go-to-market assistance, hindering their growth. We aim to provide these projects with crucial liquidity investments and incubation services, which will undoubtedly enhance the DeFi and web3 blockchain ecosystem, making it more inclusive and robust.\"
Ivy Blocks, equipped with a 'multi-billion dollar war chest,' is poised to capitalize on global crypto opportunities, according to Huobi. A spokesperson from Huobi mentioned that this new investment arm has over $1 billion in crypto assets ready for deployment.
Capricorn Finance, an automated market maker built on the Cube blockchain, became the first beneficiary of an investment from Ivy Blocks this past Friday. This development comes at a time when the overall industry has seen its value decline by more than 50%. Current estimates place the total value of the DeFi industry at around $133 billion, a fall from the $316 billion recorded in December 2021.
Read related posts:
- NASA is kicking off a virtual reality challenge aimed at facilitating astronaut missions to Mars.
- Jack Dorsey, the co-founder of Twitter, has announced the launch of a new platform called Web5, designed to operate on the Bitcoin blockchain.
- The Catawba Nation is moving ahead with plans to create a Special Economic Zone focusing on cryptocurrency.
Disclaimer
In line with the Trust Project guidelines It's essential to note that the information presented here is offered purely for informational purposes and should not be construed as legal, tax, investment, financial, or any other type of advice. Always invest wisely, only with funds you can afford to lose, and consider seeking independent financial counsel if you're unsure. For additional details, we encourage you to review the terms and conditions along with the help and support sections provided by the relevant issuer or advertiser. MetaversePost is committed to offering accurate and objective reporting; however, please remember that market dynamics can shift without prior notice.
