Huobi Group partners with Nervos for financial services blockchain

July 3, 2019

Huobi Group, a Chinese cryptocurrency exchange, has partnered with enterprise blockchain startup Nervos to create a public blockchain called "FinanceChain." This solution will allow companies to create and deploy digital assets as tokens. The companies are aiming to compete with Facebook's Libra cryptocurrency with this solution, according to a report by Technode.

With FinanceChain, end users can create blockchains, tokenized assets and decentralized financial services. These services include:

Lending and payment services.Decentralized exchanges.Stablecoins.Security token offerings.

"Huobi's public chain is designed with the intention of becoming an infrastructure that supports global currency, assets and financial markets built on blockchain," Leon Li, founder and CEO of Huobi Group, said in the report. "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."

Topics: Bitcoin, Mobile Payments

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