The sister of Facebook’s CEO Mark Zuckerberg has packed up her belongings and moved over to the advisory committee of Huobi for its new blockchain venture. She is teaming up with Jihan Wu – the CEO of Bitmain – to help Huobi develop its next-generation self-regulating and decentralized financial platform.
Huobi is the fourth largest crypto exchange in terms of trade volume and was founded in 2013. Unfortunately – with the recent Chinese crackdown on crypto news – it has had its WeChat account suspended indefinitely. The pair will be joined by Silicon Valley startup godfather Steve Hoffman and early Airbnb investor Jeffrey Wernick.
Huobi’s Plans Still Unclear
Huobi’s press release announcing the appointment of the aforementioned expert advisors briefly touches on the project, saying that they will help it develop and build its new public blockchain. However, more specific details – such as what the public blockchain will actually be used for – isn’t entirely clear. From the details that can be gleaned from its website, either the project is top secret or it’s still not entirely clear what the new blockchain will do – which is not a great start for Zuckerberg.
EU Launching New Regulatory Framework
The EU is set to launch a new crowdfunding set of regulations and this will partially extend to some ICOs. While the Huobi public blockchain isn’t quite an ICO, it could still benefit from the additional clarity the new EU regulations will provide. Under the new rules, ICO projects have to provide a Key Investor Information Document (KIID), which will outline all the important information investors need, such as how the money will be spent, a detailed road map, risk management, and due diligence information. This would help weed out ICO scams and projects that are a waste of investor’s money and time.
Facebook Getting into Bed with Blockchain
The sister of Mark Zuckerberg joining a blockchain advisory committee is an interesting move. While she has some tech background, she focuses on media and getting kids into the tech world. Her time – and connections – at Facebook appear to have impressed Huobi and this could be the reason for her selection. Facebook is long rumored to be working on a blockchain project, recently recalling a senior team member from the board of Coinbase due to conflict of interest. However, the social media network is yet to confirm or deny these rumors.
Huobi is a well-respected crypto trading platform and its new public blockchain project is certainly going to be very interesting. For now, the details are as clear as mud, but with the appointment of Randi Zuckerberg as an expert advisor, we can expect to see more details about the project emerging very soon.