The world's third largest cryptocurrency exchange by 24-hour volume, Huobi, has announced that they have launched a new $1 billion industry fund to finance the development of blockchain related startups in China. In collaboration with Tinya Community Network Technology, a Hainan-based social networking platform, the two companies want to build a “Global Cultural and Creative Blockchain Lab”.
China has been forward in their stance towards international trade and has proposed the creation of a global free-trade zone in Hainan Province. In an effort to further develop the alliance, Huobi China is allegedly moving their office headquarters from Beijing to Hainan Province. This is an area President Xi Jiping recently declared as a ‘Special Economic Zone’.
Huobi is Expanding
The Huobi group has a flurry of offices spread across the world. The conglomerate consists of Huobi Pro Exchange, Huobi Labs Blockchain Incubator, Huobi Capital Investment Fund, and Huobi’s international brands. Earlier this year, Huobi entered the UK and established offices in London, while also preparing to set foot in San Francisco. Huobi is also expanding operations to Canada, with a focus on establishing a mega office in Toronto. On May 4th, 2018, the General Manager of Huobi Ross Zhang, who was present at EDCON in Toronto, Canada reiterated that:
“Canada is emerging as a leading blockchain nation, and Toronto is set to become one of the next most active blockchain hubs across North America. Entering the Canadian market will help support Huobi to become the leader in blockchain and cryptocurrency innovation.”