The group will establish an “Asia Pacific Innovation Center” in the Hainan province of China with the investment, as per an official statement. OK Group intends to partner with the Hainan government to support 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,” OK Group founder Star Xu said.
The Innovation Center will incorporate a blockchain data research institution and a worldwide blockchain entrepreneurship base, stated the group, adding that the organization will concentrate on building blockchain applications to boost adoption. Employment, education, healthcare, and food safety are a few of the sectors targeted 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 additionally the CEO & co-founder of Beijing-based OKCoin crypto exchange.