Huobi Global Launches Investment Arm Named Ivy Blocks to Focus on DeFi, Web 3 Projects

Ivy Blocks’ offerings will also include an asset management platform.

Huobi Global Launches Investment Arm Named Ivy Blocks to Focus on DeFi, Web 3 Projects

Photo Credit: Huobi Group/ Facebook

Ivy Blocks will be providing three core services

Highlights
  • Ivy Blocks will provide support to DeFi platforms on three main fronts
  • The first project to be supported by Ivy Blocks is Capricorn Finance
  • DeFi TVL has dropped by two-thirds since December 2021
Advertisement

Huobi Global, one of the largest trading platforms in the world by volume, has launched a new venture capital arm aimed at investing in upcoming blockchain, Web 3 and decentralised finance (DeFi) projects. The spinoff is called Ivy Blocks, and has over $1 billion (roughly Rs. 7,770 crore) in assets under management as part of its "war chest." According to a statement issued by the company, this pool of funds will be directed towards "identifying and investing in promising blockchain projects."

Ivy Blocks' offerings through the fund won't be limited to investments alone. The VC arm is also planning on setting up an asset management platform, a blockchain incubator, and a specialised research arm for blockchain initiatives. According to Huobi Global's chief financial officer, Lily Zhang, the company's asset management division would make "liquidity investments" to aid with the launch of the DeFi and Web 3 initiatives.

As per a press release announcing the new investment arm, Ivy Blocks will be providing three core services. To begin with, there will be a liquidity investment department providing an asset management platform for smart DeFi mining and income aggregation. The other two areas the VC firm wants to focus on from the get-go include a department called Ivy Labs, an innovative crypto and blockchain incubator; and Ivy Research, which focuses on blockchain and cryptocurrency research.

"Many promising projects tend to encounter liquidity constraints and a lack of go-to-market support, which present significant barriers to growth," said Huobi Chief Financial Officer Lily Zhang in a statement. The new investment arm "will no doubt contribute towards creating a better, more inclusive DeFi and Web 3 blockchain ecosystem."

Ivy Blocks also announced that Capricorn Finance, an automated market maker decentralised exchange (DEX) built on the Cube blockchain, was the first project to receive funding.

The firm's focus on DeFi comes at a time when the sector's overall value has declined by roughly two-thirds from its peak. When measured in total value locked, or TVL, the DeFi sector is currently worth just under $84 billion (roughly Rs. 6,52,535 crore), according to DeFi TVL aggregator DefiLlama. DeFi TVL peaked north of $252.4 billion (roughly Rs. 19,60,634 crore) in December 2021.


Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For details of the latest launches and news from Samsung, Xiaomi, Realme, OnePlus, Oppo and other companies at the Mobile World Congress in Barcelona, visit our MWC 2024 hub.

OnePlus 10T Specifications Tipped in New Leak, 50-Megapixel Rear Camera Claimed
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »