Huobi Ventures backs $25 million metaverse-focused fund launch

The venture arm of the cryptocurrency exchange Huobi supported the launch of the OP Crypto Capital Management fund with $25 million in assets. The vehicle will focus on investments in DeFi, Web 3.0, metaverses.

My first piece back from vacation — Huobi Ventures, Chainsmokers back new $25 million fund investing in the metaversehttps://t.co/4vmzHB8AjU

— Frank Chaparro (@fintechfrank) September 6, 2021

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Funding was also provided by Galaxy Digital, Digital Currency Group, The Brooker Group, and Mirana Ventures, the Bybit-backed company.

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OP Crypto Capital Management is led by former Huobi senior executive David Gan. Previously he oversaw the exchange’s investment strategy and early-stage blockchain investments as director of Huobi Labs.

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Gan plans to assist startups with asset listings and the creation of institutional-investor-focused products. He also aims to act as an intermediary between Asian crypto communities and US-based investors.

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\”Developers are interested in building a protocol for transferring in-game items. Users are seeking a more niche experience. With games in the industry, the first 100 million users will appear. Metaverses, social tokens, virtual reality will push that figure to a billion\”, the fund’s founder outlined the goal.

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Gan has already invested in Stardust, a Solana-based project that lets developers create games with blockchain assets.

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As a reminder, in August Axie Infinity surpassed 1 million daily active users. The volume of NFT items sold in this blockchain game over the last 30 days as of August 27 reached $852 million.

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