Huobi Invests $5 million in USDT in Polkadot Ecosystem

Huobi funds about $5 million via USDT to support the Polkadot ecosystem. The fund will be utilized to sponsor developers and promote events.

By · Dec 8, 2020 . 6min read

Huobi, a leading cryptocurrency company, has funded over $5 million to stimulate the expansion and adoption of the Polkadot ecosystem. Various crypto giants believe that Polkadot is one of the biggest blockchain rivals of Ethereum. Via the investments, the cryptocurrency firm is speculating on the network’s improvement in bringing more innovative opportunities for Web 3.0 and developers. Moreover, Huobi aims to sponsor other significant areas for Polkadot.

Polkadot Projects Increase by 44%

After the mainnet launch, Polkadot has been getting mainstream adoption from developers and various other projects. As reported, about 300 eco-projects are driving new services on the blockchain. Project developments on Polkadot have increased well over 44%. Thus, reassuring the network’s stance as one of the most powerful and biggest ecosystems in the blockchain space. Moreover, for strengthening the Polkadot ecosystem, Huobi Inno Labs announced it funded $5 million via the U.S. dollar stablecoin, Tether (USDT).

The fund’s usage will be to sponsor technological development in the Polkadot ecosystem and other areas. Additionally, it includes ambassadorship, content creation, events, and others. Moreover, activity initiators, developers, content creators, Polkadot ambassadors, and any other individuals and organizations who have ideas to offer to the Polkadot ecosystem can apply for sponsorship via the official email polkaeco@huobi.com.

Huobi Global recently extended its support for HUSD, a USD-backed stablecoin. Huobi Global launched HUSD Stablecoin to satisfy traders’ demand while the world is undergoing Covid-19. Nevertheless, Huobi Global states that the HUSD stablecoin would trade against VET and BTM in the spot market. On September 14, Huobi declared the launching of an Ethereum-version of Polkadot native cryptocurrency (DOT), as HDOT, to make it compatible with decentralized finance (DeFi) protocols. 

IDEX, the famous decentralized cryptocurrency exchange (DEX), has announced a multi-chain solution. It intends to expand to Polkadot and Binance Smart Chain. IDEX’s multi-chain solution, Multiverse, will expand the DEX’s infrastructure. It involves its layer-2 scaling and staking solutions to new blockchains. Moreover, according to the reports, it will first implement on Polkadot’s layer 0 and Binance Smart Chain’s layer 1. 

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