According to the announcement made by Houbi on Saturday, the leading crypto exchange launched the public testnet of its blockchain.
The blockchain was developed in association with Nevos which will provide decentralised finance services by providing the financial organisation with a framework to deploy such applications and services including their own tokenised assets, blockchains, lending services, identity verification and decentralised exchanges.
Huobi Group’s vice president of global business, Ciara Sun noted that DeFi which has become one of the most promising application technology requires both regulators and enterprises to work together for establishing guidelines as well as standards for the new decentralised economy.
She further noted that with Huobi chain, Houbi group is looking forward to facilitating industry-wide collaboration by providing a decentralised framework critical to DeFi’s widespread adoption.
Expanding Its Business In The Industry
Huobi started working on the blockchain seven months ago with its association with Nevos. Often called Huobi Chain, the public blockchain offers flexible governance model that is based on a variation of DPoS agreement algorithm.
Besides offering verifiable digital identities on its blockchain, the network also utilises a DID (decentralised identifier) system to facilitate easily achievable cross-border regulation and compliance.
Furthermore, the blockchain consists of a customizable DeFi service protocol and is kept open-source to maintain flexibility and transparency required for the financial market.
With its partnership with Nevos, Huobi is targeting banks and other such institutions who are considering to enter the DeFi ecosystem using features like multi-asset support, multi-and sidechain architectures, cross-chain interoperability and smart contract capabilities.
Apart from running one of the biggest crypto exchange in the world, Huobi is now expanding its footprints in the sector by launching services like white-label solutions and crypto brokerage.
By making financial services inclusive, efficient as well as more transparent, Houbi is creating an impartial economy where wealth is accessible to all noted Ciara Sun.