Huobi Group has partnered with blockchain network Nervos in order to create a public blockchain for decentralized financial (DeFi) services.
Nervos’ new blockchain technology will be released in collaboration with Huobi as a joint enterprise in the sector of decentralized finance.
The project which is currently dubbed Huobi Finance Chain, will be a regulated financial blockchain which enables enterprises, financial institutions, and exchanges to create their own blockchains, issue their own tokens, offer DeFi services, and many other applications.
“The mission of Huobi Group is to make finance more efficient and make wealth accessible to all. This project is not only in line with Huobi’s overall strategy, but it also fulfills our core mission. From a strategic point of view, decentralized financial services are still in an early stage of development. The market demand is clear, however, and we believe this is a very definite business opportunity.
During the past six years, Huobi has accumulated a lot of experience in the field of cryptocurrency trading, which has given us advantages in terms of understanding blockchains, accumulating key technology, and understanding asset transactions and financial markets. Although Huobi is currently a leader in the cryptocurrency industry, this industry is likely to undergo far-reaching changes in the future. Exploring public chain technologies and business models both keeps us innovative and serves as a strategic defense.”
– said the CEO and Founder of Huobi Group, Leon Li,
The open-source project will support a variety of digital assets as well as smart contracts which would allow third-party developers to develop and deploy many DeFi services. Multi and side chain architectures are also supported to offer a blockchain infrastructure which is flexible and scalable.
“We believe this project has enormous potential to do for established and emerging financial products and services what cryptocurrency is doing for the world of money. One of our core missions has always been bringing the power of blockchain to the public and we think something like this has the potential to benefit millions of people globally. We’re extremely excited to be working with the Nervos team on this.”
– CEO of Huobi Global and VP of Huobi Group, Livio Weng, said regarding the partnership.
The partnership is designed to increase the transparency and efficiency of financial services by creating a decentralized framework and infrastructure where institutions and enterprises can build upon.
The project will have various implementations such as a decentralized identifier (DID) and identity protocols such as Know Your Customer (KYC) verification to conform to Anti-Money Laundering (AML) requirements. Regulators will be able to serve as validators on Huobi Chain and make contributions to the network.
“Our vision is to build the infrastructure for the future decentralized economy, so we’re thrilled to partner with Huobi to bring our technology to the financial sector. More and more assets are being tokenized and moved to the digital world, including both native cryptocurrencies and traditional physical assets. The financial industry is now at an inflection point, and together with Huobi, we’re well positioned to help it modernize its services for the decentralized future.”
– said Kevin Wang, Nervos co-founder.
Featured Image: SludgeFeed
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