Huobi Group announced a partnership dated 01 July with Nervos to develop a new public blockchain focused on decentralized financial (DeFi) services.
Huobi introduced itself as a leading global blockchain services provider whereas Nervos is a layered blockchain network. The project would be temporarily named Huobi Finance Chain. This platform would be regulator-friendly and a high-performance financial blockchain. It would allow enterprises, financial institutions to deploy their own blockchains, tokenized digital assets and DeFi services.
Leon Li, CEO, and Founder of Huobi Group expressed –
“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 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.”
Huobi informed that the versatile project would have the potential to host lending services, security token offerings (STOs) plus other means of asset issuance, decentralized exchanges (DEXs) and real-world payment services. Huobi further added that Nervos would be providing the core blockchain technology. This innovation would be launched in partnership with Huobi in a bid to accelerate the future of decentralized finance.
Huobi continued to add that by providing decentralized framework and infrastructure for enterprises to build on, the duo partners hoped to make financial services transparent, efficient while also being inclusive. Huobi conveyed that the project would be open source and would also support multi-assets. There would also be support for smart contracts which would benefit developers build and deploy a host of DeFi services.
Recently, Huobi Global conveyed that as part of its plan to expand globally, it would push ahead into the Turkish market. Huobi commenced by sharing plans to include localized products and services while also setting up a local office. Huobi expressed that its expansion into Turkey would be administered by Huobi MENA, a branch of Huobi group.
Huobi clarified that the novel project would be in compliance with all the common regulatory standards. Such standards include a decentralized identifier (DID), know your customer (KYC) and Anti-Money Laundering (AML). Huobi highlighted that regulators would be able to join Huobi Chain and contribute as validators.