Huobi Steps up South Korea Expansion with University Deal

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:53 EDT

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Huobi – once the biggest cryptocurrency exchange platform in China and the world – is continuing its relentless expansion into South Korea. Huobi Korea, which began trading in May, says it has struck a deal with the Blockchain Security Research Center at Korea University’s Graduate School, which also came into being in May.

The deal will see the two parties jointly research and develop blockchain technology solutions for use in the finance, logistics and administration industries. As part of the agreement, Korea University researchers may also be able to contribute to innovations for Huobi Labs, the company’s blockchain incubator unit, as well as its Huobi Wallet app and the company’s own research unit, the Huobi Academy.

The move comes just a week after the university center signed a similar deal with America’s Ripple, and days after Huobi Korea announced it was teaming up with Chinese and South Korean banks, securities and investment firms to create a blockchain fund for South Korean startups. The group says it hopes to pool some USD 93 million worth of resources.

A Huobi Korea executive stated, per Seoul Economy, “We are looking to establish close relationships with Korean blockchain startups and educational institutions.”

Huobi was forced to suspend its Beijing-based exchange operations in September last year, when the Chinese government issued a crypto-crackdown, banning initial coin offerings (ICOs) and closing down the country’s exchange platforms.