Huobi to Launch Billion-Dollar Blockchain Incubator for Chinese Startups

  • Huobi is set to launch a billion-dollar global blockchain industry fund and build a 40,000-square meter blockchain incubator.
  • Huobi China’s headquarters will be relocated to the Hainan Ecological Software Park.

Huobi is set to launch a $1 billion fund for Chinese blockchain companies. It’s set to provide startups technical and strategical support, and access to software so they can test their products and/or systems.

Huobi Labs, a venture the company plans to launch, is an incubator belonging to the cryptocurrency exchange, Huobi, one of the largest in the world with a daily trading volume of well over $1 billion.

By introducing the $1 billion fund, Huobi seeks to expand its influence within China and across the world. The initiative comes alongside a new strategic cooperation agreement made with Chinese social media company, Tianya. The two companies are seeking to jointly launch a ‘Global Cultural and Creative Blockchain Lab’.

This year, China has announced a more open approach towards international trade, and has proposed the creation of a global free-trade zone in Hainan Province, which is where Huobi and Tianya plan on launching their Blockchain Lab.

The global free-trade zone is expected to come into full effect by 2020, with the Global Cultural and Creative Blockchain Lab being one of the first to take advantage. Huobi’s founder, Li Lin, has outlined the broader aspirations the company has, and its strategic partnership with Tianya.

The incubator in question, Huobi Labs, will see both the capital and vast knowledge of both blockchain technology and China pooled together between the two companies. The decision to place the incubator’s headquarters in Hainan is both to benefit the local economy, and to put Huobi in a commanding position, especially as it transitions into a global free-trade zone.

Earlier this year, Huobi entered the UK, as it established offices in London, while also preparing to set foot in San Francisco. The footholds across continents come as a sign of renewed growth in the wake of the breakdown of a partnership between SBI and Huobi in March.

Unknown Fund Investing $75 Million in Bitcoin for the Development of Anonymity

  • Unknown Fund has pledged to donate and invest $75 million in bitcoin to promote the development of anonymity.
  • The fund will prioritize projects that protect personal data, including crypto and blockchain. 

An anonymous organization by the name of the Unknown Fund has pledged to donate and invest $75 million in bitcoin for the further development of privacy-focused projects. 

According to the press release published Nov. 13, Unknown Fund has announced an intention to invest and donate $75 million in BTC to “startups which directly or indirectly support the idea of anonymity.” The release claims the fund will give preference to projects focused on the protection of personal data, tools for anonymity, cryptocurrency and blockchain. 

An anonymous spokesperson for the fund said, 

We are you, we are your sons and daughters, brothers and sisters, friends and colleagues. Our ranks consist of representatives of many countries and nationalities, united by a virtual comradely spirit and the belief that we are fighting for the good of many, and not for the benefit of some. Anonymous is the voice of those who believe in truth, freedom and the right to self-expression.

The release claims the fund is comprised of “ordinary, anonymous people” from different countries who first met through collaborating on the forum 4chan. The group calls the protection of personal data “one of the main challenges for modern man” and claims that data collection has already been used as a powerful tool for manipulation. 

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