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Huobi Ventures Sets Up $10M GameFi Fund
The crypto exchange’s VC affiliate wants in on the “play-to-earn” hype.
Updated May 11, 2023, 7:00 p.m. Published Sep 14, 2021, 12:00 p.m.
Huobi Ventures, the investment arm of Huobi Group, is setting up a $10 million fund to invest in early-stage projects at the intersection of gaming and decentralized finance (DeFi), or GameFi, said a company press release shared with CoinDesk.
- The venture capital arm also launched a $100 million DeFi fund in May.
- Axie Infinity, a play-to-earn blockchain game has captured both headlines and markets in recent months. It is currently one of the top two non-fungible token (NFT) collections by trading volume, according to DapRradar.
- Apart from money, the GameFi will offer selected projects support in marketing, public relations, financial and legal advice, technical support for deployment on Huobi Eco Chain and commercial assistance. Some of the projects could get a “special channel” to list their tokens.
- Huobi Group is the conglomerate behind crypto exchange Huobi Global, one of the world’s top crypto exchanges by volume.
Read more: Some Filipino Merchants Prefer Payment in Axie’s SLP
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