Huobi Group, the owner of the Huobi cryptocurrency exchange, is launching a new fund for investments in the Decentralized Finance (DeFi) market.
Charlene Wu, who previously worked in the investment department of China Merchant Bank International (CMBI), a subsidiary of one of the largest Chinese banks, will head the new division, Huobi DeFi Labs, according to a press release. CMBI has invested in several cryptocurrency and blockchain companies, including the Bitpie wallet and startup Nervos.
“It's interesting to see the new global market growth,” Wu said. "However, at the theoretical and technical levels, there are still many problems to be solved."
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Last week, the DeFi project Injective Protocol announced a $ 2.6 million investment from Pantera Capital, while Polychain Capital and Three Arrows Capital have invested seven figures in the KeeperDao DeFi protocol.