Singapore-based crypto exchange Huobi is set to launch its own public blockchain network, dubbed FinanceChain, which will be focused on decentralized financial services.
The tech partner of the Huobi’s project is blockchain startup Nervos, which is backed by notable investors, including China Merchant Bank, Polychain Capital and Sequoia China.
FinanceChain will allow financial firms and exchanges to deploy their own blockchains, tokenize assets and offer DeFi services. FinanceChain will also support hosting of stablecoins, lending services, security token offerings, and decentralized exchanges, as well as payment services.
“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,” said Kevin Wang, co-founder of Nervos.