Exchange of digital assets Huobi Global has launched a new investment arm focused on decentralized finance (DeFi) and Web3 initiatives, demonstrating the growing interest in the blockchain economy among venture capitalists.
The new investment arm, dubbed Ivy Blocks, has over $1 billion in crypto assets under control to deploy. The funds will be used to “discover and invest in innovative blockchain startups,” according to the company.
Despite the downturn, venture capitalists continue to pour money into the crypto space, with Web3 and metaverse plays receiving the most attention. According to Cointelegraph Research, $14.6 billion was invested in blockchain and crypto projects in the first quarter alone. To put it in context, total venture capital investment in 2021 is expected to be around $30.5 billion.
