RATE Group | Crypto Exchange Huobi’s DeFi-Focused Blockchain Released in Public Beta
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Crypto Exchange Huobi’s DeFi-Focused Blockchain Released in Public Beta

02 Mar Crypto Exchange Huobi’s DeFi-Focused Blockchain Released in Public Beta

Posted at 17:42h in Cryptocurrency News by

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Huobi believes its upcoming blockchain will provide financial institutions with a framework for decentralized finance (DeFi) applications and services.

The Singapore-based cryptocurrency exchange announced Saturday its proprietary network, Huobi Chain, had been successfully deployed on its testnet. Developed in collaboration with layer-1 protocol provider Nervos, Huobi said its new blockchain will allow businesses and regulators to determine the rules of the road for the emerging DeFi space.

“With Huobi Chain, we want to provide the decentralized framework that facilitates industry-wide collaboration, which is critical to the widespread adoption of DeFi,” said Ciara Sun, Huobi vice president for global business.

Entities in the financial services sector, including banks, will be able to use Huobi Chain to develop DeFi applications that have anti-money laundering (AML) and know-your-customer (KYC) compliance baked into the chain itself, the exchange said.

A Huobi spokesperson told…

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