Singapore-based cryptocurrency exchange Huobi will launch a new investment arm focused exclusively on DeFi, according to a press release published on August 3. The initial agenda for DeFi labs will be related to research, investment and incubation of DeFi projects.
Called Huobi Lab, Huobi has hired former investment banker Sharlyn Wu to lead the initiative. Wu has worked for UBS and China Merchant Bank International (CMBI), the latter having made several investments in blockchain and cryptocurrency. As Huobi’s Chief Investment Officer, Wu said of the DeFi space,
Over the past two years, we have witnessed the birth and exponential growth of DeFi...However, there are still many problems to be solved at theoretical and technical level. There is also a lot of investor education to do in order to bring crypto and DeFi to mainstream users...it needs collective efforts from the global community to build and grow the space together.
Huobi said that it would invest “tens of millions of dollars” into the effort in a bit to address the issues that Wu mentioned.