Chinese Cryptocurrency Exchange Huobi Initiates $1 Billion Blockchain Fund

CryptoNewsMagnet
May 3, 2018 · 3 min read
Huobi Labs is a blockchain incubator.

Huobi Labs in conjunction with Tianya community has set out to launch a $1 billion global blockchain fund in Hainan Province, China.

The two signed a joint agreement on strategic cooperation last Sunday with the aim of building a “Global Cultural and Creative Blockchain Lab” on the island of Hainan.

This move follows closely in the wake of an announcement by the Chinese government that it would be setting up a global free trade zone on the island by the year 2020. The idea behind the project is to offer foreign companies greater freedom in an economic sense.

Huobi Group thus aims to exercise its various blockchain industry advantages such as technological prowess, talent, capital and other resources in making a positive contribution to the project. Through the development of Hainan Special Economic Zone, it hopes to undertake an economic reform mission in the area.

President Xi Jiping has been personally involved in planning, deploying and promoting the national level strategy for transforming Hainan province. The province has also been deeply committed to the process of reform and the idea of opening up for economic activity.

Therefore, Huobi seeks to exercise its patriotism by actively following up on the project and contributing to the initiative.

Other Initiatives for 2018

According to the founder and chief executive of Huobi Group, Li Lin, this move is just a start of many more initiatives that the cryptocurrency exchange intends to carry out in the course of 2018. Other plans for the tropical island this year include:

A Peek into the Partnering Companies

Tianya Community Network Technology Ltd is a popular forum service and social networking site in China. Under the agreement, Huobi Labs will join Tianya on the island of Hainan where it is currently located.

As the blockchain incubator section of Huobi cryptocurrency exchange, Huobi Labs offers funding for crypto startups, practical advice from the investment section as well as industry insight and resources.

Another outstanding provision from this initiative is the SMART-chain evaluation model, an analysis system for the blockchain ecosystem. The model uses trends, research and a host of custom indicators to assess the potential risk and viability of blockchain projects.

Huobi Group which was founded in 2013 has gradually evolved to become a global leader in blockchain service provision. Over the years, it has set up various subsidiaries including Huobi Pro, Huobi OTC, Huobi Autonomous Digital Asset Exchange (HADAX), Huobi Mining Pool and Huobi China among others.

Barely a week ago, the group announced its intention to expand operations into Europe and has plans to set up an office in London later in the year.

In spite of the Chinese ban on cryptocurrency exchange platforms, the company has managed to make remarkable progress, the blockchain incubator fund being yet another feather on its hat.

Note: This news article originally appeared on https://cryptonewsmagnet.com/chinese-cryptocurrency-exchange-huobi-initiates-1-billion-blockchain-fund/

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