OK Group To Invest $140M Towards Blockchain Adoption in China, Will OKCoin See A Boost?
- OK Group is the operator of the cryptocurrency exchange for OKCoin.
- Founder of OK Group, Star Xu, is also the co-founder and CEO of the OKCoin Exchange.
Blockchain technology appeals to many companies and industries around the world, and China wants to be involved in this innovation as well. To create a path that is welcoming to blockchain adoption, OK Group will soon be investing $140 million for blockchain adoption in the country, according to reports from The Block. OK, Group is the operator of the OKCoin cryptocurrency exchange.
With the new investment, OK Group aims to set up a facility called the Asia Pacific Innovation Center, which will be located in the Hainan province. The announcement, which was released to The Block over the weekend, adds that the Hainan government and OK Group will work together to enhance the ecosystem in China for this fintech.
Founder Star Xu of OK Group stated, “Hainan has established the solid foundation for innovation industries, and with the [accelerated] development of blockchain technology, OK Group is really glad to achieve this cooperation.” Xu also works as the CEO and co-founder of the OKCoin exchange in Beijing.
Both an international blockchain entrepreneurship base and a blockchain data research institution will be included with the innovation center, according to OK Group. The exchange operator added that the institution will push for adoption in the country by creating new blockchain applications, which will target education, employment, and healthcare, among other sectors.
Xu added that the OK Group is planning to “make full use” of the new center, aiming “to support the innovation and entrepreneurship in the blockchain industry via selecting the potential projects, cultivating industry talents, and incubating the blockchain star-ups.”