Huobi Labs Inks Deal with Tianya Community
Huobi Labs recently revealed that it will be working with the Tianya Community to introduce a $1 billion Global Blockchain Industry Fund. Tianya is among China’s most popular internet forums. The partnership was announced via a signing ceremony.
The partnership involves creating a “Global Cultural and Creative Blockchain Lab” in the island province of Hainan. According to a week old press release on Huobi’s official website, this initiative aims to reform the economy in support of the Hainan Special Economic Zone. Typically, these types of trade zones remove many trade-related taxes and make it more lucrative to conduct business for foreigners. Moreover, the press release stated that this project would complement China’s “new era of socialism characteristics.”
Hainan Province Moving Toward Rapid Innovation
The 30 year old Hainan Province has been focusing extensively on reformation efforts and its community and administration has been quite receptive to innovation. So, this sandbox project could potentially attract talented professionals from across the globe. This initiative extends beyond simply the Hainan Province since China’s President Xi Jiping has been closely working on this project with his administration, making it one of his top priorities.
Is China Rethinking its Stance on Crypto?
Just like South Korean lawmakers have been forced to retract their hostile stance toward cryptocurrencies, it appears that Chinese politicians might also be in “backtracking mode.” As Crypto Core Media reported a few months back, China attempted to ban crypto trading, particularly centralized exchanges. But now with developments such as this, it appears that China does not want to skip out on all the awesome crypto technology.
Notably, Huobi Group was only launched 5 years ago, but has already introduced a number of notable products such as: Huobi Autonomous Digital Asset Exchange (HADAX), Huobi Pro & OTC, Huobi China & Huobi Mining Pool. The hot company now plans to enter Europe by setting up some of its branches in London.
Presumably in an attempt to compete with Binance, Huobi – the third largest crypto exchange – features Huobi Labs (there’s Binance Labs too), a place where cutting-edge blockchain projects and ideas can grow and be realized. This is done by providing the resources necessary for blockchain startups to become a thriving business.
Roadmap – 2018
Based on the WeChat moments of Li Lin, the CEO of Huobi Group, the following is to happen in the coming months:
- Huobi China headquarters will shift to the Hainan Ecological Software Park. This is probably so that the company can work more closely with the Tianya Community, which is already situated in Hainan Province.
- Establish strategic partnerships with other leaders in the Blockchain Ecosystem.
- Launch a global blockchain research institute.
- Construct a 40,000 square meters building for advancing business operations
- Finally, launch the $1 billion Global Blockchain Industry Fund.
Although there is heavy censorship in China, the country with their hardworking population never really wants to be left behind when it comes to adopting and developing innovative technology. As most would know, China is set to surpass the United States to become the world’s leading economy in terms of GDP. However, considering that China’s population is four times that of the US, the United States should remain a dominant superpower even in the distant future. Nevertheless, China will surely becoming a stronger contender for superpower status as the years go on.