Huobi Token (CRYPTO: HT) — the token of China's top cryptocurrency exchange Huobi — has seen sharp growth after the firm's asset management arm launched a new product.
What Happened: According to CoinMarketCap data, Huobi Token's price grew over 23% from its 24-hour low of $19.48 to a high of $24.04 before settling at $23.13 at press time.
The sudden surge in the exchange's crypto asset follows reports by local news outlets that its subsidiary Huobi Asset Management launched multiple cryptocurrency funds aimed at professional investors.
Huobi Asset Management's new funds include a Bitcoin (CRYPTO: BTC) tracker fund, an Ether (CRYPTO: ETH) tracker fund, a multi-strategy virtual asset fund and a private equity fund for cryptocurrency mining-related businesses.
The first three funds are fully invested in crypto assets and already raised over $70 million.
The Ether and Bitcoin funds are passive and designed to mirror the performance of the underlying crypto assets, while the multi-strategy fund is actively managed and has invested in a basket of different cryptos.
These funds are meant to provide a familiar way to obtain exposure to this new asset class to professional investors and institutions that have to abide by stringent regulations that forbid them from owning crypto assets directly.
"According to the professional investors' knowledge level and risk appetite of virtual assets, we will advise our clients to choose the fund products that best suit their needs. For institutional, especially corporate clients, they want to allocate to virtual assets through a convenient and compliant channel to achieve diversification needs," the asset manager's head Gillian Wu said.
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