Malaysian Crypto Platform Torum Bags Investment by Huobi Ventures
by Fintech News Malaysia August 6, 2021Torum, DeFi and NFT social media platform that is specially designed for cryptocurrency users, announced an undisclosed strategic investment by Huobi Ventures, the US$100 million venture arm of Huobi Group, to foster blockchain adoption and ecosystem expansion.
On the eve of the project’s first-year launch anniversary, Torum released its H2 strategic ecosystem expansion plan, prioritising the construction of a one-stop crypto ecosystem.
The plan includes core features that aim to solve the industry’s information asymmetry problems and improve the connection between projects and communities through a social-based ecosystem.
The expansion plan has caught the attention of the Huobi Ventures’ HECO Fund, which led to the strategic investment of the venture capital firm on Torum.
With Huobi Ventures coming into the fold, Torum will assist in the expansion of the Huobi ecosystem from marketing and community building aspects, particularly in connecting Huobi and HECO-based projects with the Western market.
As part of the strategic investment, Huobi Ventures will provide access to resources for exclusive media partners, community building and project connections for Torum.
The resource integration from Huobi will further expand the ecosystem outreach of Torum, which has already accumulated over 64,000 cryptocurrency enthusiasts from over 10 countries including the United States, Canada, Latvia, Spain, Germany, France, Poland and Malaysia, among others.
A key focus of Torum for H2 2021 is to bring onboard quality HECO-based projects to its social media ecosystem.
With the support of Huobi Ventures, Torum can provide premium benefits to HECO-based projects including access to the Western market, community building tools, brand exposure, community integration, and more.
Torum had secured US$ 1.45 million during funding round participated by 13 private investors earlier this year in April.
Yi Feng Go
Yi Feng Go, CEO and Founder of Torum said,
“Community consensus has always been the largest asset of Torum. However, the vast potential of a social media ecosystem like Torum is yet explored completely at such an early phase.
With the support of Huobi Ventures, we are confident that Torum can grow exponentially by bringing onboard HECO-based projects and their communities for the next six to 12 months.”
Featured image credit: Screengrab from Torum
