Huobi Chain: Huobi Group Drops $100 Million for a Public Blockchain

Huobi Chain: Huobi Group Drops $100 Million for Public Blockchain

Huobi Group, the backers of top crypto exchange Huobi Pro, have declared they will be using the equivalent of around $166 million USD for the launch of the Huobi Chain Project — an initiative to create Huobi Chain, a new public blockchain that the conglomerate plans to shift its operations to in the months ahead. 

Also read: Google’s Own Crypto? Separating Fact from Fiction

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‘Autonomous Organization Will Replace Corporations’

If decentralization and its self-regulating possibilities are the dreams to come, then Huobi Group’s made it clear it wishes to decisively pivot toward that future with the launch of the their latest development project, an initiative tasked with creating the new public blockchain Huobi Chain.

The effort, projected to take nearly two years of development, will be funded by 30 million Huobi Tokens, which at press time are respectively worth $5.45 each. The resulting blockchain will not only be open for the wider cryptoverse to directly participate in but will also be the future home of the digital asset group’s enterprise operations. In other words, they’re moving on-chain — starting the evolution from a centralized body to a decentralized autonomous organization.

“Huobi is moving to Huobi Chain for a couple of reasons,” the project’s Senior Executive Gordon Cheng told me. “First, we believe in the decentralized future where some form of autonomous organization will replace corporations today. Huobi wants to make history and lead this transition. We see this as a grand experiment. Second, we think that this new world needs a new financial infrastructure, which is what we are hoping Huobi Chain will be.”

It’s just the latest in a spate of recent moves by the group’s leadership, whose popular exchange has been hovering around or above $500 million in daily crypto trading volume for the past several weeks. Last month, the company announced its intention to open up new offices in London as well as the hiring of former OKEx CEO Chris Lee.

Moreover, the Huobi Chain Superhero Championship will be the contest that, under the larger project’s umbrella, will see teams from across the globe competing to best meet any of blockchain’s 10 development milestones. Prizes will be dispensed and the code published for the public upon the technical completion of the ledger. 

A Growing Trend

Back in March 2018, crypto exchange Binance announced the launch of its own Binance Chain blockchain for the facilitation of its company ecosystem.

Also, just days ago top American fiat-to-crypto gateway Coinbase declared its acquisition of Paradex, a decentralized exchange.

Now, with Huobi Chain in the mix, it seems all but inevitable that more enterprise decentralization dominoes are going to drop. Look for other exchanges in the space who haven’t yet made the foray to begin pivoting toward catching up.

It’s an unsurprising trend in the cryptoverse — the “House That Bitcoin Built.”

What’s your take? Will the trend of launching native public blockchains continue, or are many centralized exchanges going to stay the course? Let us know where you stand in the comments below.

Images via Pixabay, elevenews

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