SINGAPORE, July 1, 2019 /PRNewswire/ -- Huobi Group, a
leading global blockchain services provider, today announced a
partnership with layered blockchain network Nervos to develop
a new public blockchain focused on decentralized financial (DeFi)
services.
The project, provisionally named Huobi Finance Chain, will be a
regulator-friendly, high-performance financial blockchain that
allows enterprises, financial institutions, and exchanges to deploy
their own blockchains, tokenized assets, and DeFi
services. Among other applications, the project will have the
potential to host lending services, debit services, stablecoins,
security token offerings (STOs) and other means of asset issuance,
decentralized exchanges (DEXs), real-world payment services, and
more.
Nervos is providing the technology for the new blockchain
platform, which will be launched in partnership with Huobi as part
of a joint initiative to accelerate the future of decentralized
finance. The project is expected to open source in Q3 this year,
testnet launch in Q1 2020, and mainnet launch in Q2 2020.
"The mission of Huobi Group is to make finance more efficient
and make wealth accessible to all," said Leon Li, CEO and Founder of Huobi Group. "This
project is not only in line with Huobi's overall strategy, but it
also fulfils 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 defence."
Livio Weng, CEO of Huobi Global
and Vice President of Huobi Group stated the following:
"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."
By providing the decentralized framework and infrastructure for
institutions and enterprises to build on, Huobi and Nervos are
aiming to make financial services more transparent, inclusive, and
efficient.
The joint project is to be open source and will provide
multi-asset support and smart contract capabilities to enable
third-party developers to build and deploy a wide range of DeFi
services. The platform will also support multi and side chain
architectures to provide a flexible and globally scalable
blockchain infrastructure for financial institutions and
enterprises.
The project will support decentralized identifier (DID) and
implement identity protocols such as Know Your Customer (KYC)
verification to meet Anti-Money Laundering (AML) requirements and
ensure full regulatory compliance. Regulators will also be able to
join Huobi Chain and contribute to the network as
validators.
"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," said Kevin Wang, co-founder of Nervos. "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."
About Nervos Network
The Nervos Network is a collection of protocols and public
blockchain ecosystem aiming to solve the biggest challenges facing
blockchains like Bitcoin and Ethereum today - backed by
$28M from China Merchant Bank, Polychain Capital, Sequoia
China and more. The Nervos Common Knowledge Base (CKB) is the
layer 1, proof of work public permissionless blockchain protocol of
the Nervos Network. It allows any crypto-asset to be stored with
the security, immutability and permissionless nature of Bitcoin
while enabling smart contracts and layer 2 scaling and captures
total network value through its native token and crypto-economic
design. Nervos Network is founded by the creators of Spark Pool,
the largest ETH mining pool, imToken, the world's largest Ethereum
wallet, Cryptape, the largest and most recognized blockchain
engineering team in China, and
contributors to Bitcoin and Ethereum core protocol research and
development. For more info, visit www.nervos.org
About Huobi Group
Consisting of numerous upstream and downstream enterprises,
Huobi Group is a leading global blockchain company. Established in
2013, Huobi Group's accumulative turnover exceeds US $1 trillion. It proudly provides safe, secure,
and convenient cryptocurrency trading and asset management services
to millions of users in 130+ countries. For more info, visit:
www.hbg.com
Media Contacts:
For enquiries please contact: Jiayi
Li, media@huobi.com, +65-92295769
For Huobi, please contact: media@huobi.com
For Nervos, please contact: mark@eightfivepr.com
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