Huobi Labs is cryptocurrency exchange Huobi’s blockchain incubator which provides funding, expert hands-on advice, industry resources and insights to blockchain projects. They also provide access to Huobi’s SMART-Chain evaluation model.

Last week, Huobi Labs signed a strategic cooperation agreements with Tianya, a popular online forum in China, to jointly launch a Global Cultural and Creative Blockchain Lab in Hainan Province, South China. This initiative would also involve the formation of a $1 billion global blockchain industry fund.

This development comes a couple of weeks after the Chinese government announced that the country will set up an international free trade zone by 2020 on the island of Hainan in a bid to grant foreign firms a greater degree of economic freedom.

Huobi has also stated in an announcement on their website that they will leverage their group’s technology, expertise, resources, talents, and capital advantages in the global blockchain industry to contribute to the development of Hainan Special Economic Zone and explore the construction of an international free trade port.

This announcement was further bolstered by Li Lin, CEO and founder of Huobi Group. In his WeChat Moments he stated that the cooperation with Tianya is just the beginning for Huobi Group’s business in the tropical island as they have a lot more planned for 2018. He goes on to mention some of the tasks Huobi aims to achieve in the future:

**Launch a billion-dollar global blockchain industry fund.**

**Build a 40,000 square meter blockchain incubator.**

**Huobi China headquarters will be relocated to the Hainan Ecological Software Park.**

**Collaborate with top global industry companies to build 10 GlobalBlockchain+ labs.**

**Partner with some of the best universities in the world in order to build a blockchain research institute**

To conclude, Huobi Group seeks to explore the frontiers of blockchain technology and revolutionise the space through path-breaking initiatives. The Global Blockchain Industry Fund is an important development and promises to be the catalyst for some cutting-edge projects to come alive. These are truly exciting time for the blockchain industry.

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