Huobi Backs Chain Project with $100 Million Development Fund

Huobi Group , a crypto exchange and digital asset solution platform, has launched the Huobi Chain Project (HCP) and the Huobi Chain Superhero Championship Program (HCSCP).  The  new initiatives have been backed with 20 million Huobi Tokens (HT), which is about $100 million dollars at the current exchange rate. The company says these projects show that Huobi is moving toward building a “next-generation self-regulating and decentralized financial platform.”

The Huobi Chain Project will provide a platform for value exchange, fundraising, securitization and more.

“We firmly believe in a decentralized future and the main goal of the Huobi Chain project is to transform a centralized corporation to a decentralized one that’s run by the community,” said Lin Li, founder, and CEO of Huobi Group. “Our dream is for Huobi to run on the public blockchain and become a truly decentralized autonomous organization.”

Huobi said it will be seeking out a global leader to lead the development of the Huobi Chain project.

Divided into 10 milestones, teams from around the world may join and compete for the prize pool. New teams may join the contest at any milestone based on the open sourced code from previous milestones.

“Upon completion, all of the code will be open-sourced and we will also gradually migrate Huobi onto this new public blockchain,” Li explained. “Going forward, a percentage of Huobi’s yearly revenue will also be made available to fund the program.”

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