Singapore-based digital currency exchange Huobi has announced that the public testnet of its decentralized finance (DeFi) blockchain, Huobi Chain, is now live. The blockchain went live on Feb. 29, per an official press release from the exchange.
According to the announcement, the Huobi Chain is a “regulator-friendly blockchain framework” that can easily be used by financial institutions to host all of their DeFi offerings and applications. This includes everything from their own payments to lending services and even blockchains, tokenized assets and decentralized exchange (DEX).
The Huobi Chain is open-source, decentralized, and was created specifically to offer solutions to financial institutions. It can also be customized to allow third parties to create applications specifically tailored to their requirements.
The Huobi Group VP of Global Business Ciara Sun has said that the blockchain was created to also help increase the use of DeFi.
“DeFi has become one of the most promising applications of blockchain technology but its future requires both sides – regulators and enterprises – to work together to establish the standards and guidelines of the new decentralized economy. With Huobi Chain, we want to provide the decentralized framework that facilitates industry-wide collaboration, which is critical to the widespread adoption of DeFi.”
Huobi benefits from a pro-crypto atmosphere in Singapore.
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