Bitcoin-exchange Huobi will launch its own public blockchain

Huobi, a large cryptocurrency exchange, is going to launch its own public blockchain focused on services in the field of decentralized finance (DeFi). 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 tokens and being transferred to the digital world ,” said Nervos co-founder Kevin Wang, stressing that a “turning point” is taking place in the financial industry.

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.

“The main blockchain systems (like BTC, ETH, EOS, etc.) lack the tools to meet the requirements of regulators. Because of this, the possibilities of using such systems in a regulated market are limited , ”said Leon Lee, CEO and founder of Huobi.

Recall, in April, the launch of the main network Binance Chain .

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