Chinese blockcain incubator Huobi Labs that is a part of the world’s third-largest cryptocurrency exchange has revealed its plans to set up a US$1 billion fund with a view to provide financial support to domestic start-ups working in the blockchain sphere.
It has been that Huobi Labs signed strategic cooperation agreement with Tianya Community Network Technology, a Hainan-based social networking platform. The two organizations will jointly create a “Global Cultural and Creative Blockchain Lab” based in Hainan Province, China.
“Under the background of the new era of Chinese socialism characteristics, we have given Hainan Special Economic Zone a new mission of economical reformation,” Hobi team wrote in their official .
This initiative is to be carried out in a line with a national-level strategy to increase the development level of the province that was elaborated and implemented personally by President Xi Jiping. There are also some plans to move the headquarters of Huobi from Beijing to Hainan in 2018 to be located in Hainan Ecological Software Park.
In 2018, the Huobi Group also plans to create a blockchain research institute in collaboration with the world’s top universities, build a 40,000 sq. m blockchain incubator and support cooperation with leading companies with a view to establish 10 GlobalBlockchain+ labs.
Huobi was established in 2013 and has quickly managed to become one of the largest cryptocurrency exchanges in China. Today this cryptocurrency exchange is known all over the world, supports a wide range of cryptocurrencies and, according to the data provided by , its trading volume in recent 24 hours amounts to $1.8 billion. Nevertheless, you can’t access Huobi’s official site in China without using a VPN service.
Chinese government has a very skeptic and ambiguous approach towards blockchain technology and cryptocurrencies. Though it has banned Initial Coin Offerings and transactions between renminbi and digital assets at exchanges, at the same time it tries to encourage digitalization and create an innovation-friendly environment.
That’s why there are some hopes that the situation will be improved soon and the government will change their attitude towards ICOs. Moreover, implementation of blockchain technologies is also mentioned in the country’s 13th Five-Year Plan for 2016 – 2020.
Although ICOs are banned in the country, China still has a huge number of blockchain-related projects and start-ups that work with this technology and do not issue ICOs. It means that Huobi Labs’ blockchain fund will still have a wide audience comprising of hundreds of promising projects that are looking forward to attracting investments.
According to the recent data, 41% of all the Chinese start-ups that have already received funding this year are blockchain-related projects. And there is little surprise as blockchain today is one of the most auspicious areas for development and a great number of talented specialists do not want to miss their chance to enter the market.
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Companies bring high-performance public blockchains that include a series of complete distributed ledgers and smart contract systems to the massive financial technology markets.
The partnership of the two giants will be aimed at exploring application development, outreach, incubation, and building a new generation of public blockchain infrastructure and a distributed trust ecosystem. The purpose will be to support real business applications and scenarios.
NAGA currently has a number of big projects in operation: NAGA WALLET, NAGA TRADER, NAGA CARD, NAGA COIN (NGC) and several other projects in development. Thus, the partnership will not only help to structurize business processes at NAGA, but can potentially mean that one of the biggest will soon be powered by the Ontology Platform.
NAGA Founder and Executive Director Benjamin Bilski claimed:
We are super excited about the Ontology project and we are eager to announce new developments in cooperation with the platform. We believe that it will help to boost and grow our business exponentially.
NAGA Founder and Executive Director Yasin Sebastian Quresh added:
We think that this partnership can really change the way crypto companies act and execute their promises. Our and Ontology’s precision and hard-working ethos will help us to not only deliver products ahead of the roadmap, but to also make them more reliable and more valuable for the whole community.
Ontology Founder Jun Li said:
We are happy to welcome NAGA to build up the application ecosystem through wielding Ontology’s next-generation public chain infrastructure. The NAGA Group AG (N4G) is a leading publicly listed German FinTech firm, backed by Fosun Group and the German Stock Exchange (Deutsche Börse AG). We feel confident that together we can open up the international market, expand the Ontology ecosystem, and advance global blockchain development.
While NAGA aims at financial inclusion across the globe, as well as the provision of the best industry-leading products; Ontology focuses on trust, identity, data exchange and authorization. The wide range of industries that Ontology targets, such as insurance, government, and medicine, makes it a wide-scale project that can provide even greater efficiency and trust within NAGA’s ecosystem.
NAGA Brief
The NAGA Group (NAGA) is a German publicly listed FinTech company with a focus on financial markets, virtual goods and cryptocurrencies. The company’s goal is to drive the development, marketing and growth of disruptive applications for financial technology, and to actively participate in the change and opening up of the existing financial system. The word “NAGA” is Sanskrit and means “Cobra snake”. It is also the name of the world’s hottest chili variety. In 2017, NAGA completed a successful IPO and established the NAGA COIN (NGC) in cooperation with its partner Naga Development Association Ltd. during an ICO.
Ontology Brief
is a new high-performance public multi-chain project and a distributed trust collaboration platform. Ontology provides new high-performance public blockchains that include a series of distributed ledger and smart contract systems. Ontology blockchain framework supports public blockchain systems and is able to customize different public blockchains for different applications. Ontology supports collaboration amongst chain networks with its various protocol groups.
Ontology will constantly provide common modules on the underlying infrastructure for different kinds of distributed scenarios, such as those for the distributed digital identity framework, distributed data exchange protocol, and so on. Based on specific scenario requirements, Ontology will continue to develop new common modules.
Contact information of both companies:
NAGA Press Dpt.:
Naga Development Association Ltd.
Email: press@naga.com
Ontology
Chloe Fu
Email: contact@ont.io
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The crypto and blockchain scene is truly a dynamic one, ever since the appearance of bitcoin has shifted the way money is used and spent, with brokers and trading services experiencing record-breaking numbers. Why are cryptocurrencies remodeling the finance world so vigorously? The main reasons are: decentralized data, blockchain technology, low fees and versatility.
The Major Impact of Decentralized Data & Blockchain Technology
Due to recent , people are generally more hesitant and even reluctant when it comes to relying on banks and institutions. Unlike centralized ledgers, where there is an authority that keeps track of everybody’s financial activity, a decentralized system goes against the current, replacing everything that today requires a centralized leadership, from businesses and services, to governments. All of this is possible since the introduction of blockchain technology.
A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. It allows market participants to keep track of their digital financial activity without needing the use of central recordkeeping. All online activities are arranged into chunks of data named blocks, which are linked to one another forming a block chain. Basically, this system reinforces transparency, builds trust and makes transactions more secure. Since its emersion, blockchain technology evolved, and other features appeared, allowing different cryptocurrencies to be launched.
A notable example is , which has embraced all the benefits of this cutting-edge technology focusing on how to maximize traders’ profits, providing a decentralized exchange system and a Daap center, transparency and in support of businesses everywhere.
Low Fees and Versatility
In order to properly understand multiple sides of digital money, some basics need to be covered. In a nutshell, cryptocurrency is an online currency that is not controlled by any government, not even a single company, and the monetary value is higher than in the traditional context. This leading-edge concept opened up the world of ICOs and digital currencies like bitcoin, Ethereum, Cobinhood and many others.
The cryptocurrency market cap grew by more than 1,200% in 2017 with bitcoin and Ethereum being the dominant participants in these colossal gains. For the year, bitcoin and Ethereum of 1,318% and 9,162%, respectively.
However, right now, there are irculating around, and each was designed to serve a specific purpose, making the dominant digital coins take side roles. For instance, focuses on privacy through its ring signature technology, being ‘secure, private and untraceable’. , on the other hand, is actually a real-time gross settlement system, currency exchange and remittance network, that focuses mainly on bank marketing.
What do these digital currencies have in common? Low transaction fees. Since no one likes paying fees, this is a major driving factor for people to join the crypto world. Banks charge a lot for holding money, or making money off of an investment, giving nothing in return. With virtual currencies, the financial part is drastically improved.
Consider that on average, the top 30 crypto exchanges charge 0.2% trading fees, which impact traders’ profits greatly. But it can get even better. If you are wondering how, a new crypto is grabbing all the attention by introducing 0 trading fees – Cobinhood.
Solving Existing Problems of Virtual Exchanges
The CEO, Popo Chen, explained that before launching this platform, he looked into the real issues impacting the current online exchange system, and found problems regarding low liquidity, real-time trading, asset security issues, shutdown without warning, low FIAT currencies, and many others. His main goal was to introduce Coinhood to show that all these issues can be solved in a professional and responsible manner, additionally bringing in the bonus feature – 0 transactional costs.
But how can they take care of the previously mentioned obstacles? Through the right features, which, according to the project’s , include: 100% reserve guarantee, offline multisig wallet security system, crypto assets backed by insurance, distributed order matching engine, along with a wide rage of FIAT currencies supported.
Since Cobinhood is capable of high-frequency trading, it will stimulate large investments banks, hedge funds and institutional investors to enter the crypto trading market, revolutionzing the trading ecosystem – another major goal behind this business.
In a vast and uplifting context, Cobinhood plans lead the way clearing unwanted issues, bringing in upfront solutions, and a ‘YES, it can be done’, even with zero trading fees. If you are interested in finding more details about Coinhood, have a look at their.
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