China’s cryptocurrency exchange Huobi, has announced it is establishing a US$1 billion fund to finance Chinese domestic blockchain-related start-ups, in a bid to bolster its operations in the country after shutting down renminbi-to-bitcoin trading last year. Huobi has signed an agreement with Tianya Community to build a “Global Cultural and Creative Blockchain Lab” in Hainan Province, China. Hainan is a Special Economic Zone, similar to Shenzhen and Zhuhai, the island province will soon become China’s the only free trade province.
According to the web announcement of Huobi, in 2018, Huobi will accomplish the following goals:
1. Huobi China headquarters (Not Huobi Global, Nor Huobi.Pro) will be moved to Hainan, to be settled in Hainan Ecological Software Park.
2. Collaborate with top global industry companies to build 10 GlobalBlockchain+ labs.
3. Build a global top blockchain research institute with the world’s top universities.
4. Build 40,000 square meters blockchain incubator.
5. Initiate a billion-dollar global blockchain industry fund.