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.
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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.