Two of the biggest cryptocurrency exchanges, Binance and Huobi have launched their blockchain fund of about $1 billion each. After Coinbase, now these exchanges are aiming to invest in the blockchain startups. Another interesting fact is amidst the downward going crypto market, BNB Coin and Huobi Tokens (HT) are registering good gains.
$1 billion Binance vs $93 million Huobi Blockchain fund
Binance announced its plan to invest $1 billion in cryptocurrency and blockchain startups. “Social Impact Fund” is what the initiative has been dubbed that is already supporting several blockchain-related projects.
According to the head of Binance Labs, Ella Zhang, the exchange will be collaborating with 20 blockchain funds. These funds need to manage assets worth $100 million to be eligible for this financial support.
“We believe it’s a disruptive social experiment. Binance Labs hopes to work with more aspirational projects to explore blockchain applications and together move forward the growth of the industry.”
Now, Huobi, another of the biggest crypto exchange is all set to launch a $1 billion blockchain incubator dubbed “Huobi Labs”. The exchange has already come into partnership with Chinese and South Korean companies. The aim is to invest about 100 billion Korean won (US$93 million) in the countries’ blockchain initiatives.
During its press release, Huobi mentioned:
“It is a national-level strategy that President Xi Jinping, personally planned, personally deployed, and personally promoted.”
However, it isn’t known if it was an official statement or just a corporate talk.
Huobi token (HT) and BNB coin register good gains
The majority of the cryptocurrency market is experiencing a downward trend right now. The top cryptocurrencies are down by several numbers, Bitcoin (BTC) is at $7,443 with a loss of 1.23 percent, Ethereum is at $591 while Bitcoin Cash (BCH) is down by 3.76 percent. A number of other coins like Stellar, Cardano, IOTA, Tron and NEO are also in the red.
However, looks like cryptocurrency exchanges are actually with the advantage here. The biggest exchanges, Huobi and Binance both of theirs native tokens are in green.
Huobi is the third largest cryptocurrency exchange with the 24-hour trading volume of about $1.2 billion. With over 200 cryptocurrencies registered on this exchange, it holds immense value in the market.
The native token of Huobi crypto exchange, Huobi Token (HT) is currently at $5.73 with a gain of 9.60 percent in the past 24-hours.
Binance, one of the biggest and most popular crypto exchange, currently, it is on 2nd position. With the 24-hour trading volume of $1.38, it has over 300 coins listed on its platform.
At the time of writing, BNB Coin has been at $14.34 with the gain of about 3.46 percent.
What are your views on the blockchain funds initiative started by both the crypto exchanges and the gains their native tokens are registering? Share your thoughts with us!
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Mark is a crypto Investor with 15-months of experience in trading. He wants to share his experience with other people, who just want to invest money, but don’t want to lose money to scammers.