July 3, 2019 | AtoZ Markets - Huobi Group has announced its new project Huobi Finance Chain, a public blockchain, to allow financial institutions; businesses and exchanges launch their own blockchains, tokenized assets and DeFi services, as the exchange declared in a press release recently.
The announcement hinted that the new project would create new horizons in the industry.
“Among other applications, the project will have the potential to host lending services, debit services, stablecoins, security token offerings (STOs) and other means of asset issuance, decentralized exchanges (DEXs), real-world payment services, and more.” Huobi said in its announcement.
Giving a brief about the technical side of the project, the blockchain services firm and cryptocurrency exchange operator highlighted that firm will team up with blockchain network, which offers a base proof-of-work blockchain, Nervos, to develop scaling and other solutions.
Support for multiple assets and smart contracts
The joint efforts anticipate to produce an open source in Q3 2019, followed by a testnet launch in Q1 2020 and a full mainnet launch in the second quarter the next year, in support of multiple assets, as well as smart contracts.
With that being said, third-party developers will have the ability to build and deploy a wide range of DeFi services, with support to be multi- and side-chain architectures, decentralized identifier (DID) and offer identity protocols such as know-your-customer (KYC) verification. The thing that will help the projects that operate on Huobi Finance Chain to comply with AML regulations.
Describing the project as “regulator-friendly”, regulators, on the other hand, will be given higher privileges to contribute to the network as validators.
On his turn, Leon Li, CEO and founder of Huobi Group, commented:
“The mission of Huobi Group is to make finance more efficient and make wealth accessible to all. This project is not only in line with Huobi’s overall strategy, but it also fulfills our core mission. 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.
“Although Huobi is currently a “leader” in the crypto industry,” the space is likely to undergo “far-reaching changes.
“Exploring public chain technologies and business models both keeps us innovative and serves as a strategic defence,”
Huobi walks at a constantly rapid expansion pace!
Last year, Huobi announced it would open its first Russian office to run a Blockchain project acceleration center and develop local mining hotels.
For familiarising the office in the country, the exchanged announced at the time that it would build a Russian-speaking website, online Russian language support service, a call center, and account management.
Earlier in July 2018, AtoZ Market also reported that Huobi was up to launch a trading platform in Australia.
“Crypto-traders in Australia are increasingly knowledgeable and sophisticated, matched by a receptive regulator with interest in safely developing the market. For Huobi Group, the move to Australia is a natural fit for our technically robust platform. We are keen to partner with the growing numbers of Australian blockchain projects looking to list in a maturing market.” Said Huobi’s CEO at the time.