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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.

Sep 14, 2021 at 12:00 p.m. UTC
Updated Sep 14, 2021 at 8:48 p.m. UTC

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.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Eliza Gkritsi is a CoinDesk news reporter based in Asia.

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