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

17.06.2022 - 13:55

649

2 min

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.

Author: