Huobi, which is a Singapore-based cryptocurrency exchange, has announced the launching of the public testnet.
The blockchain developed with the help of Nevos will be used for offering decentralized finance(DeFi) services. It will also provide a framework for financial organizations to adopt such services and applications, including token assets, payments, lending services, decentralized exchanges.
It is not the first time, cryptocurrency exchanges announce innovations in its services, as Israeli-based keyTango has also launched MPC crypto wallet recently.
Ciara Sun, who is a vice president of global business at Huobi Group, noted that DeFi had become a promising application of blockchain technology. Still, it also requires regulators and enterprises to establish standards of a decentralized economy.
The pilot version of the application launched, after seven months of starting the partnership.
What is Huobi?
Huobi was founded in China in 2013 by Leon Li. It has offices in Japan, Korea Hong Kong and the United States. As of March 2018, Huobi managed to process around $1 billion in trades daily.
Huobi has a strategic partner in the United States as well, HBUS, which is located in San Francisco and was established in 2018.
Huobi is also enhancing its business and capabilities in the industry by launching services like crypto brokerage and white-label solutions.
Known as Huobi Chain, the new blockchain offers a sophisticated governance model, which is based on a DPoS algorithm.
Besides, Huobi Chain is using a decentralized identifier(DID) system to provide valid decentralized digital entities on its network.
Moreover, to preserve transparency and flexibility, which is essential for the financial market, the blockchain has also been utilizing DeFi service protocol.
Cross-chain interoperability, multi-asset support, smart contract capabilities are the features which make Huobi and Nevos financial institutions that are entering the DeFi environment.
Sun also added that by providing the infrastructure, the exchange is aiming to create a more sustainable economy where wealth is available to everyone.
With the rapid development of cryptocurrency, it is undoubtedly a reasonable move from Huobi to incorporate testnet blockchain, which, considering its vast features, will definitely facilitate more transparency and innovations across the industry.