Huobi Ventures, the investment arm of the Huobi cryptocurrency exchange, has opened a $ 10 million fund to invest in blockchain gaming startups – GameFi.
Huobi Ventures Foundation will provide funding for projects that integrate blockchain games with decentralized finance mechanisms. Thanks to the GameFi model, users can earn by playing and reselling various digital items. Huobi will provide financial and legal advice, technical support, and public communications to developing projects.
Huobi Ventures has already set up three separate funds for the development of the blockchain, the HECO ecosystem and non-fungible tokens (NFT). V
conversation with Cointelegraph, Huobi Ventures CEO Unica Yin said the play-to-make gaming industry is booming. Therefore, Huobi Ventures intends to contribute to the creation of interesting projects by investing in the GameFi industry.
“We are confident that blockchain technology will revolutionize gaming business models in the future and will play a key role in the creation of next generation games. We stand ready to provide the necessary support and resources to scale projects that take advantage of Huobi Group’s infrastructure, ”Yin said.
In August, the Tron Foundation launched the $ 300 million Tron Arcade Foundation with a similar goal of helping the GameFi industry grow. In addition, a few days ago, the Algorand Foundation also expressed its willingness to provide grants to DeFi projects using the Algorand blockchain to form an energy efficient ecosystem.