Huobi Labs, a blockchain-incubator that is a division of the Huobi exchange, signed an agreement with the Tianya Community on the creation of a "Global Cultural and Creative Laboratory of Blockchain" in the Chinese province of Hainan. In addition, the agreement says the launch of a billion-dollar investment fund, whose goal will be global support for the blockchain industry.
Within the framework of the "new era of Chinese socialism," the government of the country designated a new mission for the Hainan Special Economic Zone for the implementation of economic reforms. Xi Jiping is that person that personally planned, implemented and promoted the national strategy.
Huobi China will support the strategy at the national level and use its technologies, resources, talents and capital in the global blockchain industry to contribute to the development of the Hainan Special Economic Zone and to participate in the construction of an international free trade port. The company noted that this year it plans:
1. Move the Chinese headquarters of Huobi (not Huobi Global and not Huobi Pro) to Hainan.
2. To create 10 global blockchain-labs in cooperation with the world's leading industrial companies.
3. Create a global research institute of blockchain in cooperation with the best universities in the world.
4. Build a blockchain incubator with an area of 40,000 square meters.
5. Create a global fund for investment in blockchain technology of billions of dollars.
Huobi was one of the largest cryptocurrency trading platforms in China, before the nationwide ban on the work of crypto-exchange exchanges was issued. Closing its Chinese trading platform in October, Huobi founder Leon Li pointed out China's actions as a "turning point" for the industry. Then he created a trading platform Huobi Pro, whose headquarters is in Singapore.
The recent Huobi announcement regarding the release of Huobi Token's own token (HT) is another step in the diversification strategy, which includes the expansion of the main cryptocurrency markets in South Korea and Japan. The tool token is based on the ERC-20 standard of the Etherium Blockchain and its release will be limited to 500 million HT for exchange operation fees.