Decentralized Finance (DeFi) has been proving to be the next big industry, and many crypto exchanges like Coinbase, have been throwing support for the DeFi tokens recently. Today, Huobi exchange is venturing into the industry with the launch of a platform dedicated to the DeFi ecosystem.
Huobi launches DeFi Labs
Following an announcement on Monday, the Asian leading cryptocurrency exchange rolled out a new platform, dubbed Huobi DeFi Labs, to research and support investment in DeFi. The newly-formed body is expected to research the development of financial products that will also be suitable for both the CeFi and the DeFi ecosystem.
While commenting on the development, the Chief Investment Officer at Huobi, Sharyn Wu, explained:
“Over the past two years, we have witnessed the birth and exponential growth of DeFi. 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.”
Wu holds views that the DeFi ecosystem is still at the infant stage. Hence, more collective actions will be needed amongst community members to drive massive adoption into the DeFi and cryptocurrency industry.
Thus, the Huobi DeFi Labs will focus on research, Investment and incubation of DeFi projects, and collaboration with DeFi projects to serve the whole community. For a start, an initial investment fund, worth tens of millions of dollars, will be allocated to the new platform by the parent company, Huobi Group.
Huobi DeFi Labs will initially be run by a team of four research and investment experts.
The DeFi ecosystem
The DeFi industry has been making headlines for days, if not months. Recently, the entire value of the DeFi ecosystem crossed $4 billion, as the industry continues to gain more adoption and new project developments.