China based Huobi, world's third largest cryptocurrency exchange, announced plans for setting up a US$1B fund together with Hainan based Tianya Community Network Technology to support domestic startups that use blockchain.
Chinese government banned ICOs but encourages innovation and investments towards blockchain technology. Using blockchain technologies is part of Chinese Government's 13th Five-Year Plan (2016-2020). There are plenty of projects developed in China that have not yet issued ICOs.
According to President Xi Jinping's economic reform vision, Hainan Island would be transformed into a free-trade port similar to Hong Kong and Singapore since it is China's biggest special economic zone.
By Nadya Astam