Huobi – one of the largest cryptocurrency exchanges – has now outlined a $100 million USD bid to become a decentralized autonomous organization by migrating its operations onto a blockchain.
The exchange’s goal is now to replace its ‘traditional’ management structure with code, and to implement community-based decision making where no middleman controls financial transactions.
Similarly, the new offering would aim to decentralize the registration of new members on its network.
In an official release, a Huobi spokesperson quipped that “by building a public blockchain, Huobi is migrating from a centralized corporation to a decentralized one that’s run by the communities”.
The news comes in parallel to recent moves made by Binance, which recently confirmed that it would pivot to become a decentralized exchange and would over time move its proprietary token, Binance Coin, to its own blockchain.
Huobi has confirmed that its operation is now in its infancy, and it is seeking its own development team to bring the project to launch in roughly eighteen months.
Huobi has confirmed that it will spark the creation of its new blockchain through a $100 million USD investment into the Huobi Chain Superhero Championship Program (HCSCP) through some 20 million Huobi Tokens.
Similarly, Huobi would contribute a portion of its yearly revenue to the program.
In a statement to the press, Huobi Group CEO and founder Lin Li quipped that “We firmly believe in a decentralized future and the main goal of the Huobi Chain project is to transform a centralized corporation to a decentralized one that’s run by the community. Our dream is for Huobi to run on the public blockchain and become a truly decentralized autonomous organization.”
Huobi, founded in 2013, now boasts over five million users in over 130 territories. Earlier this week, Huobi further confirmed the development of its own exchange-traded fund, dubbed Huobi 10.