Earlier this week, Huobi Labs announced a strategic cooperation partnership (https://www.huobi.pro/labs/) with Tianya Community (http://www.tianya.cn/) to launch a $1 billion Global Blockchain Industry Fund. Tianya is a popular online community forum prominent in China. The partnership was announced during the signing ceremony. (https://blog.huobi.pro/hc/en-us/articles/360000052661-Huobi-Labs-Initiate-US-1-Billion-Global-Blockchain-Industry-Fund-)
Both parties are to work together to build a “Global Cultural and Creative Blockchain Lab” in Hainan Province, China. "Under the background of the new era of Chinese socialism characteristics, we have given Hainan Special Economic Zone a new mission of economical reformation." Hainan Province has been making bold moves towards reformation and has displayed open mindedness towards innovative developments. It is hoped that this sandbox project would help gather bright minds from far and near as the country solidifies its strength and resources. Nevertheless, this development strategy goes beyond Hainan Province as it is a presidentially backed national strategy. President Xi Jiping, personally saw to its planning, deployment and promotion.
Just a few months ago, the Chinese government announced it would be setting up an international free trade zone in the Hainan Province, before 2020. The government wishes to grant foreign firms more economic freedom, which will make China more attractive to investors.
Right now, one hot question on your mind must be, is this the same China which banned all crypto related trading last year? Yes it is. The good news about the present development is that the government is saying through actions that it would change its stance on cryptocurrencies.
At just 5 years old, Huobi Group has grown to become a force to reckon with in the blockchain, crypto assets and virtual currency world. Its retinue of product and services include, but not limited to: Huobi Pro, Huobi OTC, Huobi Autonomous Digital Asset Exchange (HADAX), Huobi China and Huobi Mining Pool. The company has recently announced plans to expand into the European market, starting with opening some new offices in London.
From the stables of one of the largest exchanges in the world comes Huobi Labs, a Blockchain Incubator that provides blockchain and crypto startups with funding and actionable advice. Members of Huobi Labs will also have access to the Labs SMART-chain evaluation model.
This is Huobi’s chance to display its depth of Chinese patriotism as it makes contributions to the implementation of the nation's development strategy. To achieve this, Huobi will be deploying its technology, expansive resources and human capital to see to the successful establishment of the Hainan Special Economic Zone, while also exploring the construction of an international free trade port. Huobi Labs strategic partnership with the Tianya Community is the first step in that direction.
According to the WeChat Moments of Li Lin, the chief executive officer and founder of Huobi Group, much more initiatives are to come and will be rolled out within the year. Some of which include:
Relocation of Huobi China headquarters to Hainan at the Hainan Ecological Software Park. It's important to note that the HQ mentioned here is not Huobi Global nor Hob Pro. Also, its collaborating partner Tianya Community is already headquartered on the tropical island of Hainan Province.
Collaborate and strike partnerships with top global industry blockchain and other companies interested in building the first 10 Global Blockchain+ labs in China.
Work with top universities in China and other countries to set up a top global blockchain research institute.
Build a 40,000 square meters structure to house the blockchain incubator.
Last, but not least, set up a $1 billion Global Blockchain Industry Fund.
It's refreshing to see more positive reactions and approach to blockchain and cryptocurrency by governments. No doubt that the present development would bring positive economic growth to China and the world at large.