Milestone for Huobi, Becomes First Blockchain Company To Create Communist Party committee in China

Milestone for Huobi, Becomes First Blockchain Company To Create Communist Party committee in China

Huobi is setting up a new milestone by creating its own communist party committee. One of the world’s largest cryptocurrency exchanges, The platform is first of its kind in China to initiate the move in order to strengthen the relationship with Government.

Joins other tech giants to seek govt. support

The official announcement states that the Exchange’s backed subsidiary, “Beijing Lianhuo Information Service Co. Ltd. Has opened a party branch on Friday. A local media quoted its key aim of launching own party branch is “to create greater exposure of blockchain industry”. Beijing Lianhuo was first established in April with registered capital of US$2.9 million, public record indicates. It contains the major stake of 99 percent for of its CEO and founder, Li Lin.

It says that the Chinese business entities with at least three party members who are also the employee of the business can establish its own party office. Private firms in China are closely looking to tying up a strong knot with Government these days whereas the state-owned companies are already in a row.

Press reads the major technology giants with party committees include Baidu search engine, Alibaba Group Holding, Xiaomi Smartphone supplier, Owner of the South China Morning Post(SCMP). Beside it also named few of the latest tech startups which involved Douyu, live streaming platform operator and Ofo, bike sharing service provider.

Reports reveal that the Huobi’s more than 50 members and Li have marked their presence on the launch of the party committee. Cao Zhou, a party official states that;

“We must enhance the party’s political leadership, and carry out the party’s principles and policies in private enterprises,”

Established in the year 2013 in China, Huobi is now operating its business in Singapore (recently been shifted due to the crypto crackdown in China). According to Coinmarketcap, Huobi stands with a total trading volume of US $560 million.

Besides, Huobi Global has also announced its business expansion to the Russian market. With these moves, it aims as the top performer within Russia, having Russia-language call center service.

What’s your stake on Huobi’s initiative of establishing party community?

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Huobi Becomes First Blockchain Company to Create Communist Party Committee in China
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Huobi Becomes First Blockchain Company to Create Communist Party Committee in China
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Huobi is setting up a new milestone by creating its own communist party committee. One of the world’s largest cryptocurrency exchanges, The platform is first of its kind in China to initiate the move in order to strengthen the relationship with Government.
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Tabassum 84 Articles

Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Reach out to her at [email protected]