Huobi Labs Launches $1 Billion Blockchain Fund with Chinese Government Backing

The Hainan Special economic zone

Most companies around the world are showing an enthusiastic interest in blockchain technology and what it can do for human mankind in the future.

That is why Huobi Labs, a subsidiary of Huobi China, signed a strategic cooperation agreement last Sunday with Tianya Community Network Technology. TCBT is a popular social networking platform in China, to build a Global Cultural and Creative Blockchain Lab in Hainan Province in China, it did not come as a surprise – rather as natural next move.

As a Chinese company, Huobi China will use Huobi Groups technology, resources, talents, and capital advantages in the global blockchain industry to contribute to the development of the Hainan Special Economic Zone. Focus is to help set up an international free trade zone by 2020 on the island of Hainan to grant foreign firms greater economic freedom.

An industrial park – dedicated to innovation

The project involves setting up a $1 billion blockchain fund, build a Global Blockchain Research Institute involving collaboration with the world’s top universities to advance blockchain research. A 40,000 square meters blockchain Industrial Park will be built which will act as an incubator center for startups.

China is already thriving and investing heavily in this revolutionary technology is pushing for a faster technological development in the country in a way to stay competitive globally. That is why the money from the fund will be used to fund startups and ensure that they can continue to work on their new projects and evolve in the new technology era.

Huobi Group was already founded in 2013 and has become on of the leading global blockchain asset financial service providers in the world. While Huobi China till move to the new Hainan Ecological Software Park in China, Huobi Global and Huobi.pro, known as the second largest cryptocurrency exchange in the world, will not. However as of last week, Huobi Group announced that they plan to expand into Europe with new offices in London opening later this year.

Huobi Group consists of Huobi Pro, Huobi Autonomous Digital Asset Exchange (HADAX), Huobi OTC, Huobi Korea, Huobi US, Huobi China News Desk, Huobi Wallet Digital Asset Management, Huobi Academy of Blockchain Application, Huobi Labs, Huobi Capital and Huobi Mining Pool.