Huobi cryptocurrency exchange’s dedicated investment arm, Huobi Ventures, has set up a $10 million fund to invest in early-stage GameFi projects that combine decentralized finance (DeFi) features with gaming.
The fund will provide direct investment to projects that integrate blockchain gaming with DeFi mechanisms. The GameFi business models allow users to earn dividends through features including “play to earn.”
On Aug. 5, Cointelegraph reported on a $100 million fund allocation by Huobi Ventures towards DeFi projects focused on asset management. The projects shortlisted for Huobi’s investment will receive funding and support from Huobi Group, its incubator program Huobi X Center and Huobi Eco Chain (HECO).
In addition, the investee companies and projects will receive Huobi’s backing in terms of PR support, financial and legal advice, technical support for project deployment and commercial assistance.
Speaking to Cointelegraph, Huobi Ventures director Unica Yin said that the gaming industry’s play-to-earn model has seen astronomical growth:
“We think that going forward, blockchain technology has the potential to revolutionize