Blockchain incubator Huobi Labs which is a subdivision of the Chinese crypto exchange is partnering with the local social media platform Tianya Community to finance local start-ups and bolster blockchain technologies.
Within the framework of the partnership a “Global Cultural and Creative Blockchain Laboratory” and a $1 billion fund will be created. “Under the background of the new era of Chinese socialism characteristics, we have given Hainan Special Economic Zone a new mission of economical reformation,” Huobi team wrote in their recent blog post. They plan to create ten labs with the participation of global companies, a research institute and top notch universities. The Huobi headquarters will allegedly be relocated to Hainan as well.
According to Huobi, the company intends to support the development of the special economic zone in the Chinese province of Hainan with the help of “its own technologies, resources and talents.” This initiative will contribute to a national strategy of regional development that was elaborated and implemented personally by President Xi Jiping.