Chinese crypto giant is launching a new project. The cost of blockchain fund is one billion US dollars.
The subsidiary of Huobi Group, blockchain-incubator Huobi Labs, signed an agreement with Tianya Community about mutual establishment of international culture and creative blockchain laboratory. It will be situated in Hainan province. At the same time Huobi Labs is launching the fund for international investments in blockchain projects. The asset of this investment fund is one billion US dollars.
On the background of new era of Chinese socialism, national government defined special economic zone Hainan, within the framework of new mission of economic transformation. Huobi China intends to support this strategy on national level in its sphere. It ig going to use local technologies, resources, talents, know-how, capital in blockchain industry in order to make a contribution in Hainan development and form free zone of free commerce. Recently the company informed about it at its site. Crypto exchange Huobi was the largest Chinese one. After closing of trading site in October, Leon Lee, a founder of crypto exchange, established Huobi Pro, international cryptocurrency exchange. Its head office is siteated in Singapore.