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.

Samsung to Add Crypto-Powered Streaming Service to 75 Million Devices

Michael LaVere
  • Samsung is pre-installing the crypto-powered streaming service Theta.tv into all new Galaxy S20 smartphones.
  • Theta.tv allows users to earn and share crypto tokens through their gaming and esports-centered platform. 

Samsung is embedding the blockchain-powered Theta.tv streaming service into its line of Galaxy smartphones. 

According to a press release published May 19, Samsung has partnered with Theta.tv to bring the gaming and esports streaming service to its lineup of Galaxy smartphones. The streaming platform is powered by the Theta token and blockchain and will enable millions of Samsung phone users to have direct access to their gaming-centered content. 

The release claims the service will be embedded within the Samsung Daily interface that is pre-installed on all new Samsung S20 smartphones in the United States. In addition to the S20, the update will also be applied to the Galaxy S10, S9, Note 10 and Note 9, encompassing a userbase of more than 75 million devices worldwide. 

Mitch Liu, co-founder and CEO of Theta Labs, said in the release,

We believe this commercial product launch is a critical inflection point in the adoption of the Theta Network globally. Our groundbreaking approach to streaming is a perfect fit for Samsung’s worldwide user base. It’s a huge step toward our goal of making Theta a global infrastructure for video content and data delivery.

Theta.tv allows users to earn tokens, dubbed TFUEL, for watching and sharing streams on the platform. Users can also transfer tokens through the service or trade them on crypto exchanges.

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