Huobi Group Sets Up First Communist Party Community for Crypto & Blockchain Industry In China

Huobi Group sets up the first communist party community for crypto and blockchain industry in China. Huobi is one of the largest digital asset exchanges in the world. According to reports the subsidiary of Huobi, Beijing Lianhuo Information Service launched its party branch a few days ago. Huobi revealed this information through a post on Weibo, a microblogging site. The third largest cryptocurrency exchange in the world has a daily trading volume of around $560 million.

Huobi established communist party community with $2.9 million capital

As per the records of the public company, Huobi’s Beijing Lianhuo launched the communist party community in April with a basic capital of $2.9 million. The founder and chief executive of Huobi, Li Lin will retain a stake of 99% in this community. The charter of the Communist Party says that any Chinese enterprise with at least three party members as employees can establish its own party. This communist party will be responsible for making the promotions of the official party line.

For the state-owned companies having such a communist party is a regular thing since long. However, in the last few years, private firms in the country have also begun to catch up with the trend and are setting up party committees. It will enable them to establish closer ties with the Chinese government.

Some of the big names having their party committees include search engine operator Baidu, gaming giant Tencent Holdings, smartphone supplier Xiaomi, South China Morning Post owner, and e-commerce giant company Alibaba Group Holding. Latest to join this fray include bike-sharing service provider Ofo, and live-streaming operator of a platform, Douyu.

Huobi is the first blockchain company to set up party branch

Huobi is the first Chinese blockchain company to form its party branch. According to Li, this new set up is a milestone achievement for the company. He further added that the primary reason for the success of Huobi is because of the policies of the party that is promoting blockchain industry. A party official from the Haidian district of Beijing stated, “We must enhance the party’s political leadership, and carry out the party’s principles and policies in private enterprises.”