Huobi and Nervos Target Financial Inclusion with New Public Chain
Huobi Global, one of the largest cryptocurrency exchanges in the world, is teaming up with Nervos to develop a public blockchain focused on decentralized finance (DeFi) and improving the state of global financial inclusions, according to a press release from July 1, 2019.
AMoat for Blockchain Adoption
In an ambitious move, Huobi has partnered with technology provider Nervos to build on the Bitcoin philosophy and help more people access the global financial system.
Although Huobi is a cryptocurrency exchange, their strategic vision includes helping uplift those who cannot access the traditional financial system and by pioneering untouched blockchain experiments. Decentralized finance is a relatively young concept, with most projects choosing to build on Ethereum to contribute to the already robust and vast ecosystem on the platform.
Huobi believes their experience of six years in the crypto market has given them mastery over blockchains and their function. The new project is expected to go open source in Q3 this year, with the testnet launching in Q1 2020.
Livio Weng, CEO of Huobi Global, said the following of the new announcement:
“We believe this project has enormous potential to do for established and emerging financial products and services what cryptocurrency is doing for the world of money. One of our core missions has always been bringing the power of blockchain to the public and we think something like this has the potential to benefit millions of people globally.”
Kevin Wang, the co-founder of Nervos, believes they are helping to build the infrastructure for a decentralized economy that could change the way the world interacts with money. The project will require stringent KYC/AML measures as they aim to be fully compliant with the requirements set forth by regulators.
Decentralized finance is a promising development in the cryptocurrency industry; its success has the potential to change the way the world works and reduce unequal access to capital and financial services.