The ongoing decentralized finance (DeFi) boom has pushed the popular cryptocurrency exchange Huobi to establish a DeFi-oriented platform. Dubbed Huobi DeFi Labs, it aims to enhance the company’s operations in the sector and will be led by a Wall Street veteran – Sharlyn Wu.
Huobi DeFi Labs Established
According to the announcement from earlier today, the Singapore-based cryptocurrency exchange has decided to take a more active role in the expanding DeFi field. The establishment of the Huobi DeFi Labs platform will enable the company to research, invest, and build further applications aimed at the DeFi space.
With this new platform, the popular exchange intends to “build a better financial system in collaboration with the global crypto and DeFi community for the future.”
“Huobi as the leading crypto financial services provider in Asia and worldwide, our mission is to provide the best crypto financial products and services to our users regardless it is CeFi (centralized finance) or DeFi. We are excited to join as part of the global DeFi ecosystem and will be very honored to work with the global community to provide the best support possible.” – said Huobi Group Founder and CEO, Leon Li.
As part of the investment component of Huobi DeFi Labs comes a designated investment fund managed by the platform. The company plans to “allocate tens of millions of dollars” to future projects that demonstrate the potential to revolutionize the sector.
Wall Street Veteran Heads Huobi DeFi Labs
The statement also highlighted that Huobi’s Chief Investment Officer, Sharlyn Wu, will lead the newly established platform. Prior to her executive position at the cryptocurrency exchange, Wu worked at the large Swiss multinational investment bank UBS and China Merchant Bank International.
While commenting on her new position, Wu outlined “the birth and the exponential growth of DeFi” in the past two years. Although she asserted that the “width, depth, and speed of innovations” in the sector are “unparalleled in human history,” Wu admitted that DeFi is still very early in its development and mainstream users require further education before it receives mass adoption.
The establishment of Huobi DeFi Labs will allow her company to take a more substantial role in the DeFi field. Nevertheless, she believes that centralized and decentralized finance can operate simultaneously, as both have different merits to showcase.
Ultimately, Wu predicted that “crypto will disrupt finance as the Internet has managed to change many other industries.”