Huobi launches public blockchain project with tokens worth $100mn

Singapore based digital currency trading platform Huobi is developing a new blockchain project called the Huobi Chain Project. This is set to fund the Huobi Chain Superhero Championship Programme, which is receiving an initial investment of 20mn Huobi Tokens, which is equal to about $100mn at this time.

The company will also put some of its yearly revenue into the programme, which aims to develop a decentralised blockchain. Huobi is conducting a 21-month long contest to find a global leader for its Huobi Chain project development.

See also:

Japan’s Binance establishes $1bn blockchain fund

Singapore’s FUSION secures $12.3bn in assets for blockchain platform

Samsung SDS unveils blockchain-based finance platform, Nexfinance

Once a blockchain code is developed, the code will be made open source and Huobi’s cryptocurrency exchange will be migrated onto the new blockchain. It will be open for both individuals and organisations to join and use for exchange, fundraising, securitisation and more, according to China Money Network.  

This will then allow Huobi to decentralise its own operations. Lin Li, CEO of Huobi Group, stated: “We firmly believe in a decentralised future and the main goal of the Huobi Chain Project is to transform a centralised corporation into a decentralised one that’s run by the community.

“Our dream is for Huobi to be run on the public blockchain and become a truly decentralised autonomous organisation.”

Since its foundation in 2013, Huobi now has over 5mn users across 130 countries. Just last month, the company announced it was setting up a fund worth $1bn for the development of blockchain technology.