Huobi launches $ 1 billion Blockchain fund

Huobi, the third largest cryptocurrency exchange in terms of market capitalization, has signed an agreement with Tianya Community to build a "creative cultural and blockchain lab," within Hainan Province, China. In parallel, it has set up a $ 1 billion industrial fund. This move supports the global Blockchain technology industry.

The "new era that remains partially based on a Chinese socialist model" gives a special opportunity for this development zone to reform the economy. A national strategy has been personally planned, deployed and promoted by President Xi Jinping.

Huobi supports the national strategy

Huobi was founded in 2013. It has quickly become one of the two largest cryptocurrency exchanges in China. Dozens of crypto-currencies are supported by the platform, which has its footprint in 130 countries. According to an announcement on April 30, Huobi will support the national strategy. It will use its resources, talents and capital in the global Blockchains industry to develop the Hainan Economic Zone. An international free trade port could also be built, according to its website.

Huobi's annual program for 2018 is quite busy.

The site is moving its headquarters to Hainan, in the ecological software park. The construction of 10 Blockchain laboratories will be done in partnership with the best companies in the world. A global research institute on Blockchain technology will be set up with the best universities on an international scale. A $ 1 billion global fund is also part of the stock market's ambitions, commitments it would like to honor this year.

Diversify

Stringent cryptocurrency regulations in China have severely affected the industry. Leon Li, the founder of Huobi, described China's policy change as "a turning point" for cryptocurrencies. The exchange of digital currencies decided to close its Chinese trading platforms in October to launch Huobi Pro, an international trading exchange, based in Singapore.

With the launch of its own token, "Huobi Token" (HT), the company is diversifying. At the same time, it offers its services in the South Korean and Japanese markets.

The utility token is based on the ERC20 standard of the Ethereum Blockchain. Tokens in circulation will be capped at 500 million. "Huobi Token, is a system based on the launch and management of the Blockchain," as explained on its website.

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