Bitcoin, Cryptocurrency And Blockchain News

Huobi Follows Up ETF Announcement With Massive New Partnership


Just yesterday, we reported right here at Bitrazzi that Huobi were set to launch their own ETF:

The announcement indicated that the investment instrument will be referred to as HB10 and is currently open for subscriptions. However, subscriptions can only be made through cryptocurrencies rather than fiat currencies.

Now, within a 24-hour period, Huobi have announced a massive new partnership. The Singaporean exchange will enter into a three-way agreement with Chinese investment firm NewMargin Capital and South Korean securities company Kiwoom Securities, to set up an investment fund focusing on new startups in South East Asia – specifically China and South Korea.

The China Money Network reports that the partnership is aiming to raise 100 million won ($93 million USD), including their own investment. And the fund has already got the Korea Development Bank and the Industrial Bank Of Korea signed up and ready to make their own investments.

Huobi is known for its multi-language trading platform, through which it has seen around $1 billion USD of transactions since its inception.