Huobi Global aims to become a major player

Huobi Global aims to become a major player in the Polkadot network

Huobi is investing indirectly in Polkadot to establish itself as an important part of its ecosystem.

Two recent announcements from Huobi Global suggest that the crypto exchange wants to become one of the most important players in the network of the Polkadot block chain project.

In two corresponding blog entries, the Seychelles-based crypto exchange by Bitcoin Bank announces a Polkadot sponsorship programme and a USD 5 million Stablecoin fund. The latter will be provided by the Huobi Innovation Lab and will support „developers, event organisers, content creators and ambassadors“ of the Polkadot project.

The sponsorship programme in turn allows crypto investors to propose individual Polkadot projects, which will then be listed in a separate section of the Crypto Exchange. The selected sponsors are also invited to the annual Huobi conference and other offline events.

The sponsors themselves must have a keen interest in the success of Polkadot in order to apply

The minimum requirement is therefore a crypto asset of DOT 300,000 (approx. US$1.5 million), half of which must be deposited at the Huobi.

The Huobi announcements come after Polkadot made a similar announcement on Thursday. For example, the network has set up an alliance specialising in decentralised financial services (DeFi). Chainlink and Plasm are founding members of the alliance.

In addition, the Web3 Foundation recently announced the „Thousand Validators Programme“, which aims to provide knowledge, support and capital for the platform’s validators.

The Polkadot infrastructure and ecosystem investments come after Polkadot founder Gavin Wood said on Thursday that Polkadot and Ethereum can coexist. He had made the relevant statements at the Polkadot Decoded conference, but the programmer, who was also involved in the founding of Ethereum, rejected the idea that there would only be room for a leading block chain platform.

„If Ethereum eventually becomes a block chain that can be bridged […], fsnn there is a very good chance that Polkadot and Ethereum can coexist,“ says Wood.

However, Ethereum’s competitors should not get their hopes up too high, because the network effect alone could ensure the market leader’s place in the sun.