Huobi Group, the parent of the widely used crypto exchange, today has announced its partnership with Nervos, a startup developing a layered blockchain network, to build a public blockchain focused on decentralized financial (DeFi) services.
Dubbed as Huobi Finance Chain, the platform will allow enterprises, financial institutions, and exchanges to deploy their own blockchains, tokenized assets, and DeFi services. Moreover, per the announcement, the company is focusing on making it compilable with regulatory needs and will implement a decentralized identifier (DID) along with identity protocols, including KYC and AML.
In addition, the platform will also be able to host lending services, debit services, stablecoins, security token offerings (STOs) and other means of asset issuance, decentralized exchanges (DEXs), and real-world payment services, the company detailed.
Commenting on the newly formed partnership, Livio Weng, chief executive of Huobi Global and vice president of Huobi Group, said: “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.”
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Huobi’s announcement came only weeks after the unveiling of Facebook’s Libra, and it is trying to get a piece from the lucrative enterprise blockchain market.
“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.”
An open source project
Per the agreed partnership, Nervos will provide the technology for the upcoming blockchain platform. Both the companies are aiming to put out the open source license of the project in Q3 2019, while the deadline for testnet launch is set at Q1 2020, following the mainnet launch in the next quarter.
“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,” Kevin Wang, co-founder of Nervos, added. “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.”