Blockchain incubator Labs Huobi Chinese cryptocurrency giant signed an agreement with the Tianya Community about the creation of a “Global cultural and creative blockchain-laboratories” in Hainan province. The document provides for the launch of a billion-dollar Fund to support the industry of the blockchain around the world.

Prior to the ban imposed by Chinese authorities last fall, Huobi was one of the largest crypotologic venues. After the closure of exchanges in China, the founder of Huobi Leon Li (Leon Li) opened cryptocurrency exchange Huobi Pro in Singapore. The company also started work in South Korea, is in the process of opening a business in San Francisco and office in London.

In the framework of the announced national strategy “a new era characteristics of Chinese socialism”, the government created a Special economic zone in Hainan. Huobi China said it will support the development of the area “for its technologies, resources, talent and capital in the global blockchain industry.”

In their support plans the national strategy, the company said that this year:

  • will move the headquarters of its Chinese unit Huobi China in Hainan;
  • will work with global industrial companies to create top 10 global blockchain laboratories;
  • create a research Institute of the blockchain together with the leading universities of the world;
  • build blockchain incubator with an area of 40 thousand sq. m.;
  • launch of the global blockchain-Fund a billion dollars.

We will remind, earlier it was reported that authorities in the Chinese city of Hangzhou has supported the creation of the blockchain investment Fund with total assets of $1.6 billion After a similar decision was made by the authorities of Shenzhen city, but with a more modest amount — $80 million on the first stage.