huobi

Huobi strategically invested in Beyond Finance; the size of investment is not revealed

KEY INSIGHTS:

  • Huobi ​backed “Beyond Finance” with tactical investment, aiming at an end beyond the immediate action.

  • It will counsel Beyond Finance on constructing a decentralised synthetic asset platform.

  • It is a multifaceted deal involving active support and advisory services.

  • The volume or scale of the investment wasn’t revealed.

  • This will open the advantage for Heco users to high-class staking program benefits. They will also be able to acquire Beyond Finance as an incorporation of Heco Chain and Huobi Wallet.

Seychelles-headquartered crypto exchange company Huobi backed “Beyond Finance” with tactical investment, aiming at an end beyond the immediate action.

Beyond Finance is a DeFi platform that is meant for making and exchanging synthetic financial products fashioned to meet the requirements of synthetic creators. It is the very first undertaking involving a multifaceted deal, which is noteworthy.

As an adjunct to the investment, Huobi will provide active support and advisory services to the DeFi platform, as news provided by Beyond Finance itself on 23 June, 2021. Huobi will counsel Beyond Finance on constructing a decentralised synthetic asset platform. A synthetic asset is merely a tokenized derivative that imitates another asset’s value.

The volume or scale of the investment wasn’t revealed. Backing Beyond Finance are other institutional investors as well, including OKEx Blockdream Ventures, Moonwhale Ventures, X21 Digital, Spark Digital Capital, DuckDao, Blocksync, GBIC, and Consensus Capital.

What mainly attracted Huobi Ventures was Beyond’s strategy of providing easy and user-friendly experience.

“In fact, we have been reached out to by a lot of similar projects in DeFi, but clearly different from them, Beyond Finance stood out to us,”

-Loki from Huobi Ventures explained

The collaboration will also see Beyond Finance amalgamated into Heco, an EVM-based blockchain. It is an energy saving and decentralised open chain. This will open up the advantage for Heco users to high-class staking program benefits. They will also be able to acquire Beyond Finance as an incorporation of Heco Chain and Huobi Wallet.

“It is without doubt that retail interest in synthetic assets has been growing exponentially at a phenomenal rate. We are excited and grateful that Huobi joins us. Our partnership opportunities will ensure Beyond Finance becomes a leading decentralized synthetic asset trading protocol.”

-Kenneth, Co-Founder & C.P.O at Beyond Finance 

In the previous month, Huobi claimed that it was devoting $100 million DeFi project investments.