Huobi, a large cryptocurrency exchange, is going to launch its own public blockchain focused on services in the field of decentralized finance (DeFi). This is reported by The Block.
As part of the FinanceChain initiative, the marketplace has entered into a partnership with a startup Nervos. It is expected that the new platform will allow exchanges and other financial companies to launch their own blockchains, token up assets and provide various DeFi-services. In particular, FinanceChain will support the launch of credit services, stablecocks, offers of security tokens (STO), decentralized exchanges and various payment services.
More and more assets are being tokenized and moved to the digital world, including both native cryptocurrencies and traditional physical assets.
It is expected that the FinanceChain code will be opened in the third quarter, and the launch of the test network will take place in early 2020. The launch of the main network of the new blockchain is scheduled for the second quarter of next year.
The system will support decentralized identification, and KYC tools will be built into it to ensure compliance with the requirements of anti-money laundering legislation (AML). Moreover, Huobi noted that the regulators themselves will be able to join the network as validators.
Mainstream blockchain systems (such as BTC, ETH, EOS, etc.) lack comprehensive support for regulation and compliance, limiting their use in the compliance market.
Leon Li Lin
Founder and CEO, Huobi
It should be noted that in April, the launch of the main network Binance Chain.