Huobi Group, which is well known for their cryptocurrency exchange, has instituted a new fund wherein they aim to park and invest millions of dollars from the company’s bottom line for expansion into the much-hyped Decentralized Finance (DeFi) space. They revealed in an announcement, last week, diversification into DeFi with the establishment of a Huobi DeFi labs.
They have started off with a small team of four to be managed by Sharlyn Wu as the CIO (Chief Investment Officer). The team will research and be on the lookout for lucrative investment opportunities within this space. Wu is not new to Blockchain and had previously been Managing Director of the Blockchain Investment team at China Merchant Bank International (CMBI).
Under Wu’s leadership, CMBI had already ventured into funding new blockchain startups. Some of the investment projects under his repertoire include Bibox (Cryptocurrency exchange), Bitpie (Crypto wallet), and Nervos (Blockchain Project).
Prior to CMBI, Wu had been associated with the Hong Kong arm of Swiss Lender UBS. She left UBS as an executive director managing the corporate client solutions arm. During her stint at UBS, she had also been suspended in 2014 while an ongoing internal probe into hiring practices was underway.