Huobi builds public blockchain to target decentralised finance

Tuesday 2 July 2019 13:26 CET | News

Huobi Group has been building a public blockchain specifically designed for use cases within decentralised finance (DeFi).

The cryptocurrency exchange operator is teaming up with blockchain network Nervos, which offers a base proof-of-work blockchain, and the planned offering will allow financial institutions, businesses and exchanges to launch their own blockchains, tokenized assets and DeFi services.

The joint project, Dubbed Huobi Finance Chain, will be made open source, and will provide support for multiple assets, as well as smart contracts, allowing third-party developers to “build and deploy a wide range of DeFi services”.

Aimed to be “regulator-friendly,” Huobi Finance Chain will also support decentralized identifier (DID) and offer identity protocols such as know-your-customer (KYC) verification to allow projects to comply with anti-money laundering rules. Huobi is further enabling regulators to contribute to the network as validators.

The open source code is expected to be made available in Q3 2019, followed by a testnet launch in Q1 2020 and a full mainnet launch in the second quarter.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Huobi Group, public blockchain, decentralised finance, crypto exchange, payments, tokenized
Countries: World