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Deals | China’s Largest Bitcoin Exchange Huobi.com Invests in Singapore’s Digital Consulting Firm WXY

WXY took the adjacent path of advising blockchain projects amid the blockchain frenzy.

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Deals | China’s Largest Bitcoin Exchange Huobi.com Invests in Singapore’s Digital Consulting Firm WXY

The Singapore-based consulting firm WXY has recently secured 10 million yuan strategic investment from China’s largest bitcoin exchange platform Huobi.com (火币). Following the investment, Huobi.com now owns 20% of the shares of WXY.

Founded in January 2018, WXY specializes mainly in providing marketing and business consultation services to blockchain projects. And it has since its inception provided services to nearly 10 blockchain projects. Its investor Huobi.com had just launched its own blockchain incubator Huobi Labs by the end of 2017, the aim of which is to empower blockchain projects in terms of resources, technology, capital and transaction.

The strategic investment of Huobi.com will, quite possibly, put WXY and Huobi.com on a path to become the “Accelerator” for promising blockchain projects, said YU Di, founder of WXY.

At a time when blockchain writes nearly all headlines, YU, who has worked in the field of marketing for many years, has been constantly reminded of all the craze about blockchain since last year. At the same time, Yu noticed that many blockchain project teams are comprised mainly of tech guys who know little about marketing and lack resources. Marketing as demonstrated by many blockchain startups is merely spreading words in WeChat Groups and little publicity exchanged by sending out cryptocurrencies.

China’s Largest Bitcoin Exchange Huobi.com Invests in Singapore’s Digital Consulting Firm WXY
Image credit to 123rf.com.cn.

Aside from the fact that these can barely be called marketing, they often can’t generate desirable results. The projects with good prospect are easily relegated to limbo at a time when blockchain projects, good or bad, are shooting up in large numbers.

And that’s the reason behind WXY’s foray into this area: To help the blockchain projects build their brand and brand awareness, and generate tangible results by leveraging its expertise in marketing and press relations, KOLs and community resources worldwide. WXY said that it has inked partnerships with several top investment organizations and exchanges.

WXY is expected to eventually grow into an Ogilvy-like company. But, on top of its marketing and business consultation services, WXY is also looking to invest in promising blockchain projects so that it gets to dabble in every link of the blockchain ecosystem.

WXY’s profits come mainly from the charges for its consulting services.

WXY currently has about 20 staff on its team, most of whom are former employees in the fields like marketing, media, public relation, and investment. And it is now on its way to assembling its product team to prepare for its expansion in the next half of 2018. Its founder Yu had previously worked in Ogilvy for 7 years, during which Yu worked with such companies as IBM, China Mobile, and HP. Additionally, Yu also has 5 years’ experience in internet firms as senior marketing manager. For example, Yu had worked for QQ Browser under the Mobile Internet Group (MIG) of Tencent as marketing manager, in tech media 36Kr as vice president of marketing and in FBG Capital as vice president of marketing.

Writer: HAO Fangzhou