Huobi Asset Management is looking to be the Grayscale of Asia with the launch of four cryptocurrency related tracker funds. The funds include a Bitcoin Fund, an Ethereum fund, a multi-asset basket of digital currencies, and a private equity fund for mining businesses. The aim is clearly to entice major institutional investors into the space with a product that feels familiar. The fund and asset management company is set up in Hong Kong, even though Huobi maintains several offices within the mainland. Huobi is China’s most established exchange and ranks second on the global liquidity rankings behind Binance.
High volumes and volatility continued on the world’s most popular memecoin. On April 28th, searches on WeChat for the Chinese version of ‘Dog-coin’ were up over 65% from the previous day. Shiba, another dog-themed memecoin, was also popular with Chinese exchanges MXC, Gate, Hotbit, LBank and Hoo. These five claimed the top spots for centralized exchanges by volume on April