Taiyi Group Acquires Huobi’s Tool Ahead of Metaverse Dive in Anti-Crypto China

While the Taiyi Group is a blockchain-focussed tech player in China, the Huoxun tool is an instant messaging social platform launched in 2018 by Huobi.

By Radhika Parashar | Updated: 8 August 2022 12:08 IST

Taiyi Group Acquires Huobi’s Tool Ahead of Metaverse Dive in Anti-Crypto China

Photo Credit: Unsplash/ Julien Tromeur

The Taiyi Group will use it to build optimised and upgraded metaverse communities

Highlights

China is witnessing a boom in metaverse technologies
Taiyi Group aims to create a memorable social stage with Huoxin
Chinese firms like Baidu, Tencent are investing in the metaverse

Tech firms in China, that have had to restrict their work in the crypto sector under strict government oversight, have found a new interest in the metaverse sector. In a new development, China's Taiyi Group has acquired Huobi's ‘Huoxun' communication tool in order to add more technical details in its metaverse exploration journey. While the Taiyi Group is a blockchain-focussed tech player in China, the Huoxun tool is an instant messaging social platform launched in 2018 by the Huobi crypto exchange.

With Huoxin's acquisition, the Taiyi Group will use the tool to build optimised and upgraded metaverse communities, a report by CryptoPotato said.

The Chinese blockchain player has developed a metaverse platform called the ‘Taiyi Lingjing'. On this virtual world platform, the Taiyi Group has reportedly developed a bunch of metaverse IPs like Lingjing Temple of Heaven, Lingjing Forbidden City, and Datang Lingjing to name a few. Most of these projects are focussed on driving cultural tourism in China.

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With Huoxin, the Taiyi Group aims to create the most memorable social stage. The acquired platform will be used to reflect enhancements and redesigns that the Taiyi Group plans to introduce in the metaverse, the report added.

Huoxin's acquisition by the Taiyi Group comes a month after Li Lin, the founder of Huobi, was reportedly exploring the possibility of selling his stakes in the company.

After China imposed a blanket ban on all crypto-related activities in September 2021, Huobi was one of many crypto firms that had to forcefully draw curtains on their operations in the nation.

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Headquartered in Seychelles now, Huobi was originally founded in China back in 2013. It now has offices in other nations including South Korea, Japan, and the US.

It's only a matter of time before the global metaverse community witnesses what the Taiyi Group eventually unfolds with the Huoxin tool, especially in the backdrop of China's lack of crypto infrastructure, which should have made for the economic backbone of the metaverse sector.

In recent times, several Chinese tech mammoths like Baidu, Tencent, and Bytedance have poured-in investments into the metaverse sector.

On December 27, Baidu had launched the first domestically produced metaverse called XiRang, also known as Land of Hope.

As per a Reuters report, Tencent has announced the formation of its ‘extended reality' (XR) team for metaverse development.

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Further reading: Cryptocurrency, China, Taiyi Group, Huoxin, Huobi, Crypto Exchange

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More