Huobi Ventures, the Venture Capital arm of Huobi Global, a global cryptocurrency exchange, has launched a new fund worth $10 million to invest in early-stage blockchain-based GameFi projects.
An abbreviation of Game and DeFi, GameFi refers to an ecosystem of games that employs the so-called “Play to Earn” incentive design. Typical examples of GameFi include Axie Infinity and Star Atlas.
The new fund by Huobi Ventures will provide direct investment in the projects that are in the early stages of development. According to the press release issued by the company, the project will be supported by Huobi Group, Huobi X Center, and Huobi Eco Chain (HECO). The company has not yet disclosed the projects they might invest in.
Huobi Ventures has recently been actively investing in new crypto projects. The VC arm launched a $100 million fund to invest in DeFi projects focused on asset management.
Unica Yin, Director of Strategic Investments at Huobi Ventures, said in a statement:
“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.”