The administrator of the famous cryptocurrency exchange OKEx, the OK Group, has decided to set up a new digital asset trading lab, which will be located on Hainan Island, in China. The lab is set to help in the research and development (R&D) of the company’s new blockchain products.
According to the official announcement, the new lab will be based in Sanya, one of the cities on Hainan Island and it will be located in the International Offshore and Entrepreneurship Demonstration Zone of the region.
The OK Group was originally created in Beijing back in 2013 and it has always focused on developing for the blockchain technology. The group has branches in several countries in Asia, Europe and the United States. Now, the group follows Huobi, one of its main rivals, to operate in this new zone.
Star Xu, the founder of the blockchain group, has affirmed that the new region offers “broad prospects” for the market and that it would be important to help the company and Hainan alike. Hainan is currently trying to transform the island, known as a resort location, in a leader in the digital field. The new lab could help with that.
The change started when China designed the island as its 12th free trade zone. These areas have the goal of luring investors and promising fewer restrictions to do business there. With fewer restrictions, the idea can seem appealing to the investors behind the OK Group.