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.
“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.