AVN 65.31 Decreased By ▼ -0.86 (-1.3%)
BAFL 30.25 No Change ▼ 0.00 (0%)
BOP 4.63 Decreased By ▼ -0.10 (-2.11%)
CNERGY 3.89 Decreased By ▼ -0.12 (-2.99%)
DFML 13.50 Decreased By ▼ -0.60 (-4.26%)
DGKC 42.15 Decreased By ▼ -1.54 (-3.52%)
EPCL 46.13 Increased By ▲ 1.48 (3.31%)
FCCL 11.45 Decreased By ▼ -0.38 (-3.21%)
FFL 5.19 Increased By ▲ 0.22 (4.43%)
FLYNG 5.82 Decreased By ▼ -0.28 (-4.59%)
GGL 10.04 Decreased By ▼ -0.34 (-3.28%)
HUBC 63.21 Increased By ▲ 0.91 (1.46%)
HUMNL 5.73 Decreased By ▼ -0.12 (-2.05%)
KAPCO 27.81 Increased By ▲ 0.26 (0.94%)
KEL 2.15 Decreased By ▼ -0.06 (-2.71%)
LOTCHEM 25.37 Decreased By ▼ -1.23 (-4.62%)
MLCF 21.65 Decreased By ▼ -0.87 (-3.86%)
NETSOL 84.95 Decreased By ▼ -1.25 (-1.45%)
OGDC 86.64 Increased By ▲ 0.37 (0.43%)
PAEL 10.96 Decreased By ▼ -0.31 (-2.75%)
PIBTL 4.21 Decreased By ▼ -0.07 (-1.64%)
PPL 78.65 Decreased By ▼ -1.43 (-1.79%)
PRL 13.61 Decreased By ▼ -0.05 (-0.37%)
SILK 0.88 Decreased By ▼ -0.02 (-2.22%)
SNGP 41.00 Decreased By ▼ -0.75 (-1.8%)
TELE 6.01 Decreased By ▼ -0.20 (-3.22%)
TPLP 16.02 Decreased By ▼ -0.25 (-1.54%)
TRG 111.89 Decreased By ▼ -0.66 (-0.59%)
UNITY 14.01 Decreased By ▼ -0.34 (-2.37%)
WTL 1.14 Decreased By ▼ -0.06 (-5%)
BR100 4,026 Decreased By -48.6 (-1.19%)
BR30 14,402 Decreased By -123 (-0.85%)
KSE100 40,451 Decreased By -396 (-0.97%)
KSE30 15,110 Decreased By -101.7 (-0.67%)
Follow us

HONG KONG: Cryptocurrency exchange operator Huobi Group has launched an investment arm with $100 million to spend, setting aside some cash specifically for non-fungible tokens, the latest hot trend, the company said on Thursday.

The recent surge in prices for bitcoin and other cryptocurrencies has fuelled a global rush of fundraising by companies in the sector, with both traditional venture capital firms and cryptocurrency incumbents competing to snap up the best companies.

The new unit is the latest move by Huobi, parent company of one of the world’s largest exchanges for trading cryptocurrencies, to diversify its operations away from trading, after a separate unit, Huobi Tech, launched crypto-related funds for institutional investors last month.

The fund plans to acquire blockchain companies that can be integrated into Huobi’s existing businesses, making early stage venture capital investments. It includes $10 million specifically for investing in NFTs and marketplaces that trade them. NFTs, virtual assets that exist on a blockchain ledger, have exploded in popularity this year. This week, Ebay said it would allow the sale of NFTs on its platform.

Comments

Comments are closed.

Crypto exchange operator Huobi launches $100m venture unit

At least 41 killed as passenger coach falls into ravine in Lasbela

6.3 magnitude earthquake jolts Islamabad, surrounding areas

Ten children killed in northwest Pakistan boat capsize

Pakistan expresses interest in possibility of currency swap with Russia

China’s 2022 smartphone shipments the lowest in 10 years

Blinken heads to Middle East as violence erupts

Djokovic wins second set in Australian Open final

Suddenly, ailing SOEs come under PDM govt’s focus

50pc duty imposed on import of ‘Mild Hybrid Vehicles’

Al-Nahyan due tomorrow to discuss trade, investment