#CryptoCorner; #Binance Launches $1 Billion Fund, Singapore Millionaire Buys Licensed Japanese Exchange #BitTrade, Huobi Launches #ETF and Joint Fund
#CryptoCorner; #Binance Launches $1 Billion Fund, Singapore Millionaire
Buys Licensed Japanese Exchange #BitTrade, Huobi Launches #ETF and Joint Fund
Point Roberts, WA, Delta BC – June 1, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
Read this in full at http://www.investorideas.com/news/2018/crypto-corner/06011BinanceSingaporeHoubi.asp
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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