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Huobi Investment Arm Backs Beyond Finance With Strategic Investment
Huobi will advise Beyond Finance on creating a decentralized "synthetic-asset" platform.
The investment arm of crypto exchange Huobi made a strategic investment in decentralized-finance (DeFi) platform Beyond Finance.
STORY CONTINUES BELOW
- As part of the investment, Huobi will advise Beyond Finance on creating a decentralized "synthetic-asset" platform, according to an announcement Wednesday. Sythetic assets are tokenized derivatives.
- The size of the investment wasn't disclosed.
- Beyond Finance's other institutional investors include Consensus Capital and OKEx Blockdream Ventures.
- The partnership will also see Beyond Finance integrated into Heco, a public blockchain created by Huobi and designed to offer Ethereum developers a low-cost and interoperable platform for building DeFi applications.
- Last month, Huobi said it was dedicating $100 million to invest in DeFi projects and make acquisitions.
Read more: Huobi Scales Back Due to China Crackdown; Bitcoin Falls Below $32K, Ether Past $2K
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
