Huobi Ventures has announced a $10 million fund to invest in GameFi, which is blockchain-based gaming that also uses NFTs and “Play to Earn” mechanisms.
Huobi supports startups with a dedicated GameFi fund
According to this programme, Huobi invites developers to submit their games to [email protected] in order to be able to select projects to invest in. The startups that will be financed by this GameFi fund will also be supported by Huobi in terms of marketing, legal assistance and introduction to strategic partners.
These are the words of Unica Yin, Director of Strategic Investments at Huobi Ventures:
“This $10 million fund aligns with Huobi Ventures’ goal to grow the blockchain ecosystem for a digital economy, and to support and promote developers who work on cutting-edge GameFi projects. We will provide support and resources to help these projects scale and take advantage of Huobi Group’s ecosystem. We hope that this will enable more start-up GameFi projects to make an impact on the blockchain world”.
Huobi’s investment funds
Back in May last year, Huobi launched a $100 million fund to invest in DeFi.
Huobi Group now owns three startup investment funds, namely Huobi Ventures, Huobi X Center and Huobi Eco Chain (HECO). More specifically, Huobi Ventures coordinates investment activities, which are divided into strategic investment activities, asset management activities, cooperation with other companies worldwide, and acquisition activities.
Huobi X Center is an incubator for startups in the fields of NFTs, DeFi and data storage, while HECO is Huobi’s programme for eco-friendly technology solutions.
Huobi and the staking of Solana
A few days ago, Huobi also announced staking support for the SOL crypto of the Solana blockchain. Using this pool, users who place a minimum of 0.1 SOL will receive 5% interest per year.
Huobi Pool is the division in charge of this type of initiative dedicated to mining for PoW blockchains and staking for PoS blockchains such as Solana.
In this regard, Du Jun, Co-Founder of Huobi Group, explained:
“Huobi Pool is proud to provide a gateway into the staking process for our users to earn rewards, by leveraging our experience in the on-chain governance and operations. Through this initiative, we can encourage our users to participate and engage with the SOL community more. We look forward to stepping up interaction with the community and welcome more projects in the near future”.
As outlined in a report released by CryptoCompare yesterday, Huobi saw its volumes nearly double in August compared to the previous month.
In fact, Huobi posted an 82.4% growth in spot volumes in August, trading $177.8 billion. This makes Huobi one of the exchanges with the highest volumes and, in fact, according to CoinMarketCap it ranks third after Binance and Coinbase with $5,447,123,758 in traded volumes over the past 24 hours.