The Singapore Cryptocurrency Exchange Huobi announced plans to launch its own public blockchain to provide services in the field of decentralized finance.
To launch a decentralized FinanceChain network, with the help of which financial companies and exchanges will be able to deploy their own blockchains, token up assets and provide decentralized finance services, Huobi has entered into a partnership agreement with start-up Nervos.
With FinanceChain, it will be possible to create stablockcoins, make token offers (STO) and create decentralized exchanges. At the same time, FinanceChain will support tools to verify the identity of customers and comply with the requirements of regulators to counter money laundering. FinanceChain will also receive support from payment services.
“More and more assets are moving into the digital world, including cryptocurrencies and traditional physical assets. The financial industry is now at a turning point and together with Huobi we have every opportunity to help it modernize and create a decentralized future, ”said Nervos co-founder Kevin Wang.
The developers plan to submit the source code of the project in the 3rd quarter of this year. The launch of the test network should take place early next year, and the main network will start in Q2 2020.
Recall that the largest cryptocurrency exchange Binance launched its own blockchain Binance Chain in April of this year.
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