The blockchain network will help build a public blockchain made for decentralized financial (DeFi) services.
The platform has been named Huobi Finance Chain and it will enable businesses, financial institutions, and exchange platforms to make use of their very own blockchains, tokenized assets, and DeFi services. With regards to the announcement, the company is working towards making sure the platform complies with every regulatory requirement. It will be deploying a decentralized identifier (DID) alongside identity protocols, Know Your Customer (KYC) and AML.
The platform will also be equipped to enable hosting of real-world payment services, DEXs, Security Tokens Offerings (STOs), Lending Services, Debit Services, Stablecoins, and other means of asset issuance.
CEO of Huobi Global and Vice President of Hobo Group, Livio Weng in respect to his firm new partnership, 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.”
This partnership announcement by Huobi comes barely weeks after Facebook unveiled its crypto project Libra. The firm is looking to create a niche for itself in the fast-rising and very lucrative 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.”
The Partnership Will be an Open Source Project
According to the partnership agreement, Nervos will provide all the technology needed for the blockchain platform. The company are both looking to put out the open source license of the project in the third quarter of 2019. They have also placed the deadline for its testnet launch in the first quarter of 2020.
Kevin Wang, co-founder of Nervos, stated:
“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.”