Chinese cryptocurrency exchange Huobi's blockchain incubator, Huobi Labs, has announced plans to set up a $1 billion global blockchain industry fund.

Huobi Labs recently entered into a strategic cooperation with Tianya Community to jointly build a “Global Cultural and Creative Blockchain Lab” 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,” the announcement reads.

Going forward, Huobi said that it will use its technology, 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.

Outlining the plans for this year, Huobi Group said:

“1. Huobi China headquarters (Not Huobi Global, Nor Huobi.Pro) will be moved to Hainan, to be settled in Hainan Ecological Software Park.
2. Collaborate with top global industry companies to build 10 GlobalBlockchain+ labs.
3. Build a global top blockchain research institute with the world's top universities.
4. Build 40,000 square meters blockchain incubator.
5. Initiate a billion-dollar global blockchain industry fund.”

Last month, a new blockchain investment fund was announced in China, backed by the city government of Shenzhen. In addition, a government-backed $1.6 billion blockchain fund was launched in Hangzhou city.