Huobi Labs To Launch $1B Blockchain Fundbr>
Huobi Labs, Chinese crypto exchange Huobi’s blockchain incubator, has teamed with Tianya Community to set up a $1 billion global blockchain fund.
Huobi Labs provides blockchain startups services such as designing a business model, tutoring for high-quality project teams, and helping startup projects sort out strategic plans. It also provides original digital monetary funds and technical support to help project teams build technical structures, marketing, and community operations.
Based in China, Tianya Community operates a social networking and forum service website. The site provides various services, including user blogs, classifieds, photo hosting, news, sports news, and university information, as well as a club that enables politicians to campaign, answer questions from constituents, and gather grassroots support.
The two companies recently entered into a strategic cooperation to jointly build a “Global Cultural and Creative Blockchain Lab” in Hainan Province, China, where Tianya is headquartered. They will collaborate with industrial companies with the aim of building a blockchain research institute in conjunction with international universities and also build a 40,000 square meters blockchain incubator.
The companies are also planning to create a billion-dollar global blockchain industry fund later this year. The money will be used to fund startups and ensure the blockchain industry will continue to thrive in China.
Last month, an $80 million blockchain investment fund was launched in China, backed by the city government of Shenzhen. In addition, a government-backed $1.6 billion blockchain fund was launched in Hangzhou city.