OKCoin exchange’s operator to invest $140M in China for blockchain adoption

OK Group, the operator of cryptocurrency exchange OKCoin, is set to invest $140 million in China to facilitate blockchain adoption.

The group will set up an “Asia Pacific Innovation Center” in the Hainan province of China with the investment, according to an announcement shared with The Block on Sunday. OK Group plans to work with the Hainan government to boost the blockchain ecosystem in China.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

“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,” said Star Xu, founder of OK Group.

The Innovation Center will include a blockchain data research institution and an international blockchain entrepreneurship base, said the group, adding that the institution will focus on building blockchain applications to boost adoption. Education, employment, healthcare and food safety are some of the targeted sectors for blockchain applications.

“OK Group will make full use of the Asia Pacific Innovation Center to support the innovation and entrepreneurship in the blockchain industry via selecting the potential projects, cultivating industry talents, and incubating the blockchain star-ups,” said Xu, who is also CEO & co-founder of Beijing-based OKCoin exchange. 

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.