Huobi Global’s digital asset exchange created an investment arm to focus on Web3 projects and decentralized financing (DeFi). This further highlights venture capital interest within the blockchain economy.

The new investment arm, called Ivy Blocks has more than $1 billion worth of crypto assets that it can deploy. A spokesperson from Huobi said this. These funds have been earmarked for “identifying and investing in promising blockchain projects,” the company said.