Chinese cryptocurrency exchange Huobi announces $1bn blockchain fund
Chinese cryptocurrency exchange, Huobi, has announced a new fund for blockchain businesses.
Huobi is the world’s third-largest cryptocurrency exchange and is based in China. It is also one of the two largest exchanges in China along with OKCoin.
The company has set up a fund worth $1bn to finance domestic blockchain related startups in China.
It is hoped that this will boost its operations after Huobi had to shut down its renminbi to bitcoin trade last year, following a crackdown on cryptocurrency exchanges by the Chinese government.
Huobi Labs is the blockchain incubator for Huobi. It claims to offer funding in cryptocurrency, hands-on advice, a SMART-Chain evaluation model as well as industry resources and insight, to blockchain start-ups based in China.