Huobi and 500 Startups to Incubate Blockchain Startups

New enterprise will be called Batch 23 and will support startups in various ways
21 February 2018   323

Startups accelerator from the Silicon Valley 500 Startups announced the conclusion of an agreement with the division of the Huobi exchange, pursuing the same goals, Huobi Labs. This is reported by Coindesk.

Both organizations will support start-ups in various aspects, including helping them in drafting business plans, white paper, marketing strategies, engaging the community and attracting funding.

Huobi Labs will provide its links in the blockchain space, which will help 500 Startups program participants to work more actively with this technology. The group of startups included in the joint program Huobi Labs and 500 Startups, will be called Batch 23.

Our teams will learn so much especially around the ins and outs of how a digital exchange works.
 

Edith Yeung

Partner, 500 Startups

The founder of Huobi Labs, Junfei Ren, said that his company will work with the participants of 500 Startups and Batch 23 to "provide maximum assistance and support to all new projects".

500 Startups is an early investor in several crypto-currency projects. However, the company refuses to participate in the ICO, citing financial and legal risks.

Huobi's New Voting Rules to Rise Criticism

The company introduced the idea of "Standing Nodes," for which the HADAX platform will invite 14 large, traditional venture capital firms to join
02 July 2018   167

New tokens voting rules changes on the HADAX platform of Huobi's cryptocurrency exchange caused a negative reaction from the community. This is reported by CoinDesk.

On Friday, Huobi published an announcement in which it said that from now on it will rely on 2 groups of funds when making decisions on listing tokens. A group of "standing nodes" will be created on the platform, 14 large traditional venture companies such as ZhenFund, FBG, Unity Ventures and Draper Dragon will be invited to participate. A group of "standing nodes" will also be formed, consisting of 31 crypto-currency venture companies, for example Node Capital, Dfund and BlockVC, chosen by voting.

Huobi launched the HADAX platform in February this year and invited users to participate in the process of selecting assets for trading using HT tokens. Later, the company introduced a mechanism that allowed well-known venture firms to obtain supernode status and help HADAX select projects before they are allowed to a public vote.

All projects for the public voting list must be supported by a Standing Node and projects that were not supported by any standing nodes will be removed from the list and votes will be refunded.
 

Updated HADAX Rules

Thus, now regular nodes have more weight in the HADAX ecosystem and can decide which tokens to allow before voting.

The decision was immediately criticized by various crypto-currency funds that accused Huobi of "discrimination and authoritarianism".

The founder of Node Capital and Huobi co-founder Du Do Jun said that he would no longer participate in the process of selecting tokens. He was joined by representatives of other funds, who also said that they do not intend to put up with the new Huobi policy and plan to withdraw their applications for the role of supernode.

I apologize for not having effectively communicated with supernodes before publishing our new decision. ... We understand that some selected nodes feel disrespected or their branding is hurt, which led to their respective responses. We build collaborations based on a win-win purpose. Partnership or not is always a free market choice. Huobi always opens its gate for partners. But HADAX must be completely revamped and we will have another major upgrade in July. In regardless of what model it will take, we think being responsible for users is of utmost importance.
 

Li Lin

CEO, Huobi Group

In response, co-founder and CEO of Huobi Group, Li Lin, wrote that the new process is designed to improve the quality of tokens on the platform, although he admitted that discussion of the solution should have more attention.