Huobi to launch China-South Korea blockchain investment fund
Huobi, one of the most prominent crypto exchanges, is planning to launch China-South Korea investment fund. This would financially help the upcoming blockchain companies in the two countries.
Huobi recently collaborated with Kiwoom Securities, an online brokerage firm in South Korea, and NewMargin Capital, a Chinese investment firm for this purpose. As a part of the fundraising, Huobi team is planning to raise an alleged 100 billion Korean Won (KRW).
Several banks from South Korea such as the Korea development bank and the Industrial bank of Korea have joined hands with the initiative. However, they have partnered only as the limited partners. Also, an independent financial service group named Mirae Asset Financial Group has also partnered for the initiative.
The team recently made an announcement that they would soon launch their sub-division in San Francisco in addition to all the countries they currently trade in. The exchange offers trading crypto with the help of over 200 pairs and is most prominent in Asian countries.
Huobi 10 ETF
Huobi also made an announcement about the Huobi 10, an exchange traded fund (ETF). Through this, investors would get a massive exposure to several cryptocurrencies with the help of a single holding. However, they can subscribe it using only a limited set of cryptocurrencies such as BTC, ETH, USDT and Huobi tokens.
Gabor Gurbacs says,
“Crypto hedge funds and limited partnerships do the same. It’s extremely misleading and technically illegal. I am fairly certain that these type of abuses won’t go unnoticed by regulators. It puts ETFs and legitimate fund providers and crypto efforts in an uncomfortable situation.”
Due to the regulatory issues in the USA, investors from the country will not be able to make use of the service.
Image via Shutterstock
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