Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
- Major U.S.-based cryptocurrency lending startup BlockFi has brought on Singaporean hedge fund Three Arrows Capital as a strategic investor to the company, said the startup in an emailed press release without providing any details about the deal. The news follows the USD 30 million series B funding, and Three Arrows Capital, which was an institutional client of the firm prior to investing in it, is joining the company through a secondary transaction.
- South Korea’s government-run Financial Services Commission has launched a joint public-private Fintech Innovation Fund, which will invest over USD 246 million in three companies over the next four years. Per Metro Seoul, Korea Investment Partners and KB Investment will help fund the project, which will help the government co-fund “big data, blockchain and overseas remittance platforms.” The commission says it is concerned that while the coronavirus continues to disrupt the South Korean economy, fintech companies may struggle to attract investors.
- Changpeng Zhao, CEO of Binance, said that, when it comes to Asia, the company is interested in acquiring exchanges that have existing banking relationships, which enable them to accept trading in local fiat currencies, as well as blockchain-backed e-commerce and payment services companies, reports South China Morning Post. Zhao added that Binance spends about a quarter of their profit on investment opportunities a year, in order to grow their portfolio of businesses beyond just trading.