Huobi Targeting DeFi With Its Own Public Blockchain

The blockchain service firm and cryptocurrency exchange operator Huobi is said to be developing a public blockchain that is primarily aimed for decentralized finance or commonly referred to as DeFi.

The name of the new blockchain will be Huobi Finance Chain and will allow financial institutions, businesses and exchange to launch their own blockchains, tokenize assets and DeFi services.

Houbi states that among other applications the project will have the potential to hose lending services, debit services, stablecoins, security token offerings (STOs) and other means of asset issuance, decentralized exchanges (DEXs), real-world payment services and more.

This was made possible through its partnerhisp with the blockchain network Nervos which offers base proof-of-work blockchain.

Houbi Finance Chain will be open source and will provide support for multiple assets as well as smart contracts enabling other developers to build and deploy a wide range of DeFi sevices.