Huobi Ventures, the venture capital arm of crypto exchange Huobi, has backed the launch of a $25 million fund created by OP Crypto Capital Management focused on investments in DeFi, Web 3.0 and the metaverse.
The fund, which is led by former Huobi executive David Gan, who has been involved in shaping the exchange’s investment strategy and early-stage investments in blockchain companies as head of Huobi Labs, has also received funding from Galaxy Digital, Digital Currency Group, The Brooker Group and Mirana Ventures.
Gan, who has already invested in Solana’s Stardust project, which allows developers to create games with blockchain assets, said:
“They want in-game items to be transferred and there needs to be infrastructure for the rules that allow that. Ultimately, people are looking for more niche and focused experiences. Gaming will bring the first 100 million users to the crypto ecosystem. The metaverse, social tokens, virtual reality will bring the next billion.”