Huobi co-founder launched a $400 million fund to support crypto projects
Investments will be directed to blockchain startups and the development of applications with the potential for mass adoption
![Huobi co-founder launched a $400 million fund to support crypto projects](https://storage.getblock.net/source/1/W5bpEGB4GmaBQ7dMhQphkYGOlbG3cO3_.webp)
17.06.2022 - 13:55
306
2 min
0
What’s new? Du Jun, co-founder of the cryptocurrency exchange Huobi, together with a Chinese investor in Web 3.0 startups known as BMAN Li, launched the $400 million ABCDE Capital fund to support crypto startups. The fund will go to 10 to 20 projects a year, BMAN said on Twitter. ABCDE Capital is focused on blockchain and applications that have the potential for mass adoption.
1/Today, I am announcing @ABCDECapital ABCDE is a $400mm fund co-founded by me and huobi cofounder @DujunX . We dedicate to investing in web3 builders.Hit me up on [email protected] and telegram bmanfree if you wanna build something wild or join us to do something wonderful! pic.twitter.com/eDtNAcnZSs— BMAN|hiring (@BMANLead) June 16, 2022
What do the co-founders say? According to BMAN, cryptocurrencies will attract at least a billion users by the next market upturn. The ABCDE fund, which stands for A Blockchain-Centric Development Ecosystem, will use resources from previous BMAN and Du Jun projects to support new startups. Du Jun added that despite the difficult time in which the fund started, he intends to bring innovation to the crypto industry.
In late April, Huobi Technology Holdings Limited launched Huobi Tech Capital, a division that considers investment opportunities in Web 3.0, DeFi and early-stage metaverse startups. Both traditional equity and token investments are envisioned.
Binance raised $500 million in early June for a new investment fund that will be used to invest in projects that can expand the use of cryptocurrencies and encourage the adoption of blockchain and Web 3.0.
Useful material?
Incidents
Scammers took advantage of the former US president’s recent announcement of a real DeFi protocol
Sep 4, 2024
Technologies
The upgrade is aimed at implementing a new decentralized project governance system
Sep 2, 2024
Incidents
The company placed $2б4 billion in bonds maturing in 2026, but their value has fallen dramatically since the entrepreneur’s arrest
Aug 30, 2024
Incidents
In both cases, depending on the outcome of the investigations, the messenger could be blocked
Aug 29, 2024
Market
The project will offer a decentralized alternative to traditional banking services
Aug 29, 2024
Trends
Within a week of its launch, the platform managed to overtake its main competitor, Pump.fun on the Solana network
Aug 28, 2024