The Huboi Group, the Singapore-based cryptocurrency exchange, has expanded itself further with a division which is set to concentrate on decentralized finance (DeFi) investment, incubation, and research.
Coin Market Cap has ranked Huboi has largest cryptocurrency exchange in the world. It was found in China and the company has its offices spread over the company now has offices in Hong Kong, Korea, Japan and the United States.
According to a media release, Huboi will invest tens of millions of dollars in investment funds as it aims to help push forward the growing DeFi market.
Furthermore, Sharlyn Wu has been named as the new Chief Investment Officer to lead the DeFi division. He had previously led blockchain investment as the Managing Director at China Merchant Bank International (CMBI), and prior to that spent a decade at UBS.
“Over the past two years, we have witnessed the birth and exponential growth of DeFi,” said Wu, in a release. “The width, depth, and speed of innovations are unparalleled in human history. It is exciting to see the power of permissionless economy unleashed at global scale. However, there are still many problems to be solved at theoretical and technical level.”
“Crypto is a perfect system for finance,” she suggested in the release.
“There is also a lot of investor education to do in order to bring crypto and DeFi to mainstream users,” she added. “As DeFi is still in its infancy, it needs collective efforts from the global community to build and grow the space together.”
Huobi DeFi Labs will begin its operation with a team of four research and investment professionals.