Cryptocurrency exchange Huobi announced Wednesday that it plans to allocate 30 million of its Huobi Tokens (HT) to fund the creation of the company's own open-sourced blockchain protocol.
The fund, currently worth around $166 million based on CoinMarketCap data, will be used to launch the Huobi Chain Project, which is also aimed to establish a decentralized autonomous organization (DAO) on top of the proprietary blockchain, the company said at a press conference in Singapore.
The blockchain would serve as a platform for users to participate in token fundraising events (ICOs), as well as to vote for which tokens should be listed on Huobi, said Chen Guang, a director at the company's ecosystem development arm.
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