Cryptocurrency exchange Huobi Global launched Ivy Blocks with a "multibillion-dollar war chest" to invest in cryptocurrency projects globally.

"Many promising projects tend to encounter liquidity constraints and a lack of go-to-market support, which present significant barriers to growth," said Huobi Chief Financial Officer Lily Zhang in a statement. The new investment arm "will no doubt contribute towards creating a better, more inclusive DeFi [decentralized finance] and Web 3 blockchain ecosystem."Ivy Blocks will be providing three core services, according to the company. There will be a liquidity investment department providing an asset management platform for smart DeFi mining and income aggregation. There will also be Ivy Labs, a crypto and blockchain incubator and Ivy Research, which focuses on blockchain and cryptocurrency research.Ivy Blocks has more than $1 billion in crypto assets under management. Among early projects is Capricorn Finance, an automated market maker (AMM) decentralized exchange built on the Cube blockchain.

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