Blockchain and finance on a global scale
According to reports coming from Huobi Global which is one of the largest cryptocurrency exchanges in the world, it will be teaming up with Nervos, in order to develop a public blockchain that will be focused on decentralised finance(DeFi) to improve the state of global financial inclusion.
The adoption of blockchain technology in finance has led cryptocurrencies like bitcoin to become more than just a means for payment in the global economy.
Decentralisation in finance can be seen as a principle that is out of the overreach of governments and focuses on peer-to-peer transactions hence one of the reasons Huobi and technology provider Nervos have started building on top of the Bitcoin technology to help more people access the global financial system.
Huobi is a cryptocurrency exchange that is focused on helping those who cannot gain access to traditional finance and the system through the use of blockchain.
Decentralised finance like crypto-economics is a relatively young concept, that still needs to grow and many projects are building on the Ethereum blockchain to boost this future ecosystem.
According to Livio Weng the CEO of Huobi Global;
“We believe this project has enormous potential for established and emerging financial products and services… One of our core missions has always been bringing the power of blockchain to the public and we think something like this has the potential to benefit millions of people globally.”
Huobi currently has six years of experience in the crypto market and has given them great knowledge of blockchain applications. The team’s new project is expected to be open source and will be released around the third quarter of 2019. With the testnet scheduled for the first quarter of 2020.
The two companies have decided they will be building an infrastructure for the decentralisation of the economy that will change the way people interact with money. However, the project will require high KYC/AML scrutiny as these exchanges must comply with the requirements of regulators.
More companies and projects are expected to start working on decentralised finance in the coming months and years as this is a fascinating development in the cryptocurrency industry that will reduce inequality and access to capital in the global economy.