Huobi Labs Announces Billion Dollar Blockchain Industry Fund
The blockchain world has been getting a lot of attention and funding from industry leaders in recent months. From a Chinese backed billion dollar fund in the Hangzhou region to Ripples $25 million investment in a blockchain capital fund.
Huobi, the largest cryptocurrency exchange in Asia has announced a $1 Billion fund to support its innovative branch,The blockchain world has been getting a lot of attention and funding from industry leaders in recent months. From a Chinese backed billion dollar fund in the Hangzhou region to Ripples $25 million investment in a blockchain capital fund. Huobi, the largest cryptocurrency exchange in Asia has announced a $1 Billion fund to support its innovative branch, Huobi labs.
Huobi Labs offers Funding in the form of crypto, Hands-on advice from the Huobi investment team, SMART-Chain evaluation model, and industry resources and insights. they will partner with Tianya, a large Chinese online forum to further build a “Global Cultural and Creative Blockchain Lab” in Hainan Province, China. Tianya headquarters are located in the Hainan province.
The island of Hainan located in the South of China has been in the news lately due to a grant made by Communist Party leader Xi Jinping and the State Council to allow foreign firms greater economic freedom. This comes after a decision made by the Chinese government to set up an international free trade zone in the area by 2020. This will open a handful of opportunities to do business with China.
Li Lin, the chief executive and founder of Huobi Group has plans to launch the following 5 initiatives in 2018:
1. Huobi China will relocate its China’s headquarter to Hainan Island, to be settled in Hainan Econogical Software Park;
2. Partner with top blockchain startups to build 10 Global Blockchain+Labs;
3. Cooperate with world-class universities to set up a blockchain research institute;
4. Build a 40,000-square-meter blockchain incubator;
5. Launch a one-billion-dollar blockchain fund.
Aside from their innovation fund, Huobi offers a diversity of investment options for cryptocurrency traders. From Huobi pro trading platform where 100+ cryptocurrencies are listed to the Huobi Autonomous Digital Asset Exchange (HADAX), and Huobi OTC. They will be looking to expand operations outside of China, in focus of South Korea, Japan, and the USA were they recently acquired their Financial Crimes Enforcement Network license to trade.
It is interesting to note how the Chinese government has been investing big in blockchain innovation while still maintaining their cryptocurrency and ICO ban. Vechain, NEO and now Huobi have been investing in the region or have close ties to the government. Will moves like these trigger a more cryptocurrency friendly regulations in a near future?
Originally published at ebitnews.com on May 3, 2018.