Popular Singaporean crypto exchange firm, Huobi, has set launch a DeFi division for its firm to be headed by Sharlyn Wu, an ex-Wall Street executive.
Huobi DeFi Lab was launched basically to spearhead further growth of the firm through investment and research as several millions of dollars have been set for the division to achieve these goals. Wu, Huobi DeFi Lab head explained that in the last two years, DeFi had grown exponentially, saying that the width, depth, and speed of innovations are unparalleled in human history.
Wu said further that experiencing the power of a pensionless economy at a global scale is exciting, and there are problems to be solved at theoretical and technical levels.
Wu’s benefit of DeFi
The new Huobi DeFi Lab head identified the benefits of DeFi in a press release. She explained that DeFi is transparent, efficient, unlike the current financial statement. Wu also points out that DeFi eliminates human error, suggesting crypto is the perfect system for finance.
The DeFi Lab head said that investors’ education still has to be embarked on to bring crypto and DeFi to mainstream users. She said that as DeFi is still evolving, it requires collective efforts from the global community to build and grow the space.
Huobi DeFi Lab
Huobi is said to be the second-largest crypto exchange firm. It’s DeFi Lab would begin with a team of four research and investment professionals. However, the exchange is yet to announce which startup they would incubate. Previously under Wu’s leadership, CMBI staked on wallet startup Bitpie and public blockchain network Nervos.
The exchange firm’s break into DeFi is occurring at a time when the market is blossoming and setting new benchmarks as in only one week the DeFi market increased its value by almost $1 billion. DeFi market cap hit nearly $9 billion this week after it just claimed to $8billion last week.