SINGAPORE, July 2, 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
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