The Singapore based crypto Exchange Huobi reported about the plans to release its own public blockchain called FinanceChain to provide services in the sphere of decentralized finance.
Huobi is collaborating with startup Nervos to release a decentralized FinanceChain network, with the help of which financial companies, as well as exchanges will have the possibility to apply their own blockchains, token up assets and provide decentralized finance services.
With FinanceChain, it will be possible to create stablockcoins, make token offers (STO) plus create decentralized exchanges. At the same time, FinanceChain will support tools to verify the identity of customers, also comply with the requirements of regulators to counter money laundering. FinanceChain will receive assistance from payment services too.
Kevin Wang, who is the co-founder of Nervos – a layered network, stated:
“More and more assets are moving into the digital world, including crypto and traditional assets. The financial industry is now at a turning point and together with Huobi we have every opportunity to help it modernize and create a decentralized future”.
Developers plan to submit the source code of this project in the 3rd quarter of this year. The release of the test network should take place in the beginning of the next year, and the main network will start in second quarter of 2020.