【April 27, 2022, HONG KONG】 Huobi Technology Holdings Limited ("Huobi Tech" or the "Company", stock code: 1611.HK) is pleased to announce that its wholly-owned subsidiary Huobi Asset Management (Hong Kong) Limited (“Huobi AM”), launched an IPFS infrastructure mining fund, an important step in our Web 3.0 roadmap. This new fund product is currently available for professional investors only. Top Value Limited, a subsidiary of ChainUp Group, is the technical advisor for this project and will combine its experience and strengths to provide a professional mining fund technical strategy. 

The newly-launched IPFS infrastructure mining fund (the “Fund”) will look for interests in companies that are engaged in cryptocurrency mining activities and companies that support or facilitate the cryptocurrency mining ecosystem. This fund, one-of-a-kind in the industry, focuses on the end-to-end industrial chain for mining services. Following the launch of three virtual asset funds in April 2021, it is the latest fund launched to map out Huobi Tech’s development within Web 3.0 and the overall virtual asset ecology.

With the rapid development and industry applications of AI, big data, and 5G, the demand for data storage has spurred an exponential growth of demand. As one of the important ecosystems of blockchain, distributed storage takes up the huge demand of data storage and requires many network nodes and distributed storage space. As a representative of blockchain distributed storage, Filecoin relies on IPFS technology and has designed reward mechanisms to encourage users to store data on the blockchain, namely Filecoin token.

The IPFS ecosystem continues to expand and bloom, especially the growing demand of instant storage, driving the demand for Filecoin and becoming a crucial foundation for Filecoin’s value. As distributed storage plays a role as a core infrastructure component of Web 3.0, the market scale of Filecoin will reach hundreds of millions of users in the future. Global internet giants are testing the water as we see leading firms stepping into this new territory. This would further increase the popularity of Filecoin and boost its investment value.

The cost and income of the Fund will depend on integration capabilities both upstream and downstream in the industry. The Fund has obvious advantages in cost control. A holistic risk control system has been established in terms of business, technology, compliance, crisis handling and financial management to ensure the safety and stability of the fund.