Huobi Bankrolls new DAO Aspirations with $100 million USD

Huobi Bankrolls new DAO Aspirations with $100 million USD

Huobi is announcing the launch of its new public blockchain, The Huobi Chain Project ( HCP ). It is currently the worlds third largest digital currency exchange by trade volume according to Coinmarketcap.

For creating this blockchain, the company will be funding an initial investment of  20 mln Huobi Tokens (HT), worth about $100 mln dollars in the Huobi Chain Superhero Championship (HCSCP). It will also be contributing a portion of its yearly revenue to this program.

It will be a 21-month program and the aim would be to find out a global leader to lead the project. The contest is divided into 10 different “milestones”. Each milestone is a contest between development teams from different parts of the world.

The company has plans of gradually moving onto the new blockchain, once the program gets over and the code will be made open source.

The new platform will be used for the purpose of value exchange, fundraising, securitization and much more. It will be a public blockchain so that anyone can join and participate including organizations and individuals. This will be first such operation of its kind.

Founder and CEO of Huobi Group Lin Li said,

“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. Our dream is for Huobi to run on the public blockchain and become a truly decentralized autonomous organization.”

The company was founded in 2013 and has over 5 million users in 130 countries. It has per day trade volume of $1.12 bln.

Last week, the company announced that it is launching a crypto-based exchange traded fund (ETF). It is a type of mutual fund that divides the ownership of crypto assets into shares. The ETF, called Huobi 10, will be based on a recently created market index.

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