The Singapore-based Huobi launched a fund that will finance the development of its own blockchain platform. Developers from all over the world are welcomed to participate in a competition to create the platform.

Huobi intends to transfer all operations to its own blockchain in order to become one of the leaders in the decentralized financial infrastructure. Gordon Chen, director of the company’s global ecosystem fund Huobi Eco, said in an interview with Tech in Asia that the process will be implemented in stages and will take about 18 months.

The exchange will invest 30 million HT tokens in the project called Huobi Chain. At today's exchange rate it equals $165 million.

Huobi launched a program that offers developers from all over the world to participate in the development of a new public open-sourced blockchain.

The program consists of eight stages, and each will determine a winner team who will receive a financial prize for their idea and development.

Blockchain will create a new world where centralized autonomous organizations (DAO) replace existing corporations, Chen believes.

“We believe that in the future, DAOs will replace [traditional] organizations in some way or form. History will change with or without us, so we are leading this change,” he said.

In the future, it is planned to use the platform for the initial coin offerings (ICO), as well as for decentralized voting, during which users will decide which token should be listed on the crypto exchange.

Huobi is currently the third largest exchange by daily trading volume. It was launched in 2013, and in 2017 moved its headquarters from Beijing to Singapore after Chinese authorities tightened regulation of the cryptocurrency exchanges. According to Huobi, it serves more than 5 million users in more than 130 countries.