- Huobi invested about $5 million via USDT to promote the Polkadot ecosystem.
- The fund will be used to sponsor developers and promote events, including Polkadot ambassadors.
Huobi, a leading cryptocurrency company, has invested about $5 million to accelerate the development and adoption of the Polkadot ecosystem. Polkadot is considered as one of the biggest blockchain rivals of Ethereum. Through the investments, the cryptocurrency firm is betting on the network’s advancement in bringing more innovative opportunities for Web 3.0 and developers. Additionally, Huobi intends to sponsor other important areas for Polkadot.
Polkadot ecosystem gains backing from the industry’s leader
Since the mainnet launch, Polkadot has been gaining mainstream adoption from developers and many other projects. As reported, over 300 eco-projects are running new services on the blockchain. Project developments on Polkadot have risen well over 44 percent, reassuring the network’s stance as one of the most active and biggest ecosystems in the blockchain space. To further strengthen the Polkadot ecosystem, Huobi Inno Labs said it invested $5 million through US dollar stablecoin, Tether (USDT).
“We believe that funds like this are vital to the on-going growth of the blockchain space and are happy to be a part of it,” says a spokesperson for Huobi. “Growing the space is always going to be a team effort, and a decentralized one, so providing funding and support to developers, initiators, and creators means we can keep moving forward.”
Polkadot is rising to mainstream
The funds will be used to sponsor technological development in the Polkadot ecosystem and other areas, including ambassadorship, content creation, events, and others.
On September 14, Huobi announced the launching of an Ethereum-version of Polkadot native cryptocurrency (DOT), as HDOT, to make it compatible with decentralized finance (DeFi) protocols. At the time of writing, the cryptocurrency is trading at $4.86 on Coinmarketcap. With a market capitalization of $4.3 billion, the crypto is ranked as the ninth-largest digital currency.