#Binance Launches $1 Billion Fund, Singapore Millionaire Buys Licensed Japanese Exchange #BitTrade, Huobi Launches #ETF and Joint Fund


Crypto Corner - June 1, 2018

Binance Launches $1 Billion Fund, Singapore Millionaire Buys Licensed Japanese Exchange BitTrade, Huobi Launches ETF and Joint Fund

Binance, the world's largest cryptocurrency exchange according to data from CoinMarketCap, is launching a $1 billion USD crypto-based fund. China Money Network reports that the head of Binance Lab, Ella Zhang, made the announcement in an online conference yesterday. The $1 billion USD venture capital fund will use Binance's BNB tokens to invest in startups, including a blockchain-based ride hailing project. Binance is seeking "20 qualified partners" to join the effort.

"Eligible fund partners should be long-term investors who have faith in cryptocurrency and blockchain, and have asset-under-management of more than US$100 million, according to the announcement. Applicants need to prove their fund size, and submit introduction of their team members and investment portfolios to be considered by Binance Lab as a partner."

Eric Cheng, a Singaporean real estate developer and entrepreneur, has bought crypto exchange BitTrade and affiliate FX Trade Financial Co., Ltd. for $50 million USD according to a press release. Commenting on the acquisition, Mr Cheng said:

"The crypto currency industry is growing exponentially. Against this backdrop, the key to capturing the rising demand is having a well-regulated and licensed outfit. With this Japanese FSA-licensed platform, I will work closely with the regulators to scale this platform globally."

Crypto exchange Huobi has announced the launch of an exchange traded fund (ETF) called HB10 that, according to a report on Investopedia, "will allow a convenient option to investors take exposure in a basket of various cryptocurrencies through a single holding".

"Calling itself the "weather vane of digital assets," the ETF will be based on the Huobi 10 Index and attempts to replicate its performance. The index was launched by the Huobi Group late last month, and it has the 10 largest cryptocurrency constituents in terms of market capitalization and strong liquidity on the Huobi Pro platform."

It has also been reported today that Huobi has partnered with Chinese investment firm NewMargin Capital and South Korean securities firm Kiwoom Securities Co., Ltd. to launch a joint China-South Korea blockchain investment fund. The companies hope to raise about the equivalent of about $93 million USD.

Sam Mowers, Investorideas

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