The expansion of the Metaverse as a development environment is becoming an increasingly important priority for Chinese businesses. Companies have made significant investments in both their hardware and software despite the top-down control exercised by the state. One of these companies, the Taiyi Group, has recently made the announcement that it has acquired Huobi Global’s communication platform Huoxun.
A recent report suggests that the objective is to make Huoxin the world’s first social platform with an emphasis on data storage and metaverse development.
Huoxin will be responsible for the completion of product function upgrades and optimizations. In addition to that, it will also supervise the creation of digital collections and communities in the Metaverse.
The social network by Huobi invests more than 100 million yuan annually in research and development as well as operations. Since its introduction in 2018, Huoxun has been successful in attracting more than 7 million users who have registered with the platform.
On the other hand, Taiyi Group’s metaverse platform, known as Taiyi Lingjing, has developed a number of cultural tourism-related metaverse intellectual properties (IPs), such as Lingjing Temple of Heaven, Lingjing Forbidden City, Datang Lingjing, Lingjing Chongqing, and many more.
Happening year for Huobi
The acquisition news comes a month after it was rumored that Huobi founder, Li Lin, was considering leaving the company. He was interested in selling his holdings in the well-known cryptocurrency exchange, as TheCoinRise reported.
Huobi was compelled to close its operations in China because of the massive crackdown on the crypto industry carried out by Chinese lawmakers in 2021. However, the concept “metaverse” has recently emerged as a popular one in China. Several well-known names in the tech industry, like Baidu, Tencent, and Byte Dance, have already begun making investments in the sector.
Notably, Huobi recently secured MSB license in the United States, taking a major step towards its expansion goal.