Top-tier crypto asset exchange Huobi Global has reportedly introduced a new investment division, concentrating primarily on DeFi and Web3 initiatives, showing its interest in the blockchain economy. 

Specifically, the new investment division – goes by the name ‘Ivy Blocks’ – currently providing management oversight to more than $1 billion in crypto assets to deploy, a representative from Huobi confirmed. 

These sources of capital have reportedly been designated to “identifying and investing in promising blockchain projects,” per the firm. 

Apart from financing, Ivy Blocks will additionally provide a vast array of offerings to particular initiatives, including an asset management platform, a new blockchain incubator, and a dedicated research division.

The firm’s asset management department will offer “liquidity investments” to assist DeFi and Web3 initiatives in getting started and operating, as disclosed by Lily Zhang, Huobi Global’s chief financial officer.

Ivy Blocks further announced on June 10th that Capricorn Finance, an automated market maker developed on the Cube blockchain, was the first project to receive funding.

The firm’s plan to shift its concentration on DeFi was made at a time when the sector’s total value has witnessed a drop of over fifty percent from its all-time high. 

When measured in total value locked (TVL), the DeFi sphere’s current overall value is under $133 billion at the moment, according to industry data. DeFi TVL peaked north at $316 billion in December last year.

Regardless of the declining pattern, venture capital keeps on pouring into the crypto sphere, with investors making Web3 and metaverse plays their priorities. Blockchain and crypto initiatives reportedly received $14.6 billion in capital investments in Q1 this year alone. To put that in perspective, venture capital investment in all of 2021 was approximately $30.5 billion.