Huobi Group has continued its expansion into decentralized finance (DeFi) by adding support for MakerDao and Compound on Huobi Wallet – including support for all tokens and DApps of those projects.

“We think blockchain technology has great potential not just for cryptocurrency but also in providing better overall financial services and products to the public,” said Livio Weng, CEO of Huobi Global. “Both Compound and MakerDAO share our vision and we’re happy to add support for them.”

Compound is an open-source, autonomous protocol built for developers, to unlock a universe of new financial applications. Huobi Wallet now supports the project’s cTokens as well as its DApp which enables users to lend their crypto to others and earn interest in return.

“Decentralized, transparent applications are the future of finance, and will lead to a wealthier, more connected world. But so far, DApps have been difficult to access and use. Huobi Wallet is making decentralized finance more accessible — which has the potential to change society,” said Robert Leshner, Founder and CEO of Compound.

The Maker project is comprised of a decentralized stablecoin, collateral loans, and community governance. Huobi Wallet now supports both DAI, its stablecoin, as well as its MKR token plus apps like CPD Portal, which allows for collateralized debt positions.

Huobi Group has made decentralized finance a priority in the later half of 2019. In July, the company announced a partnership with layered blockchain network Nervos to develop a new public blockchain focused on DeFi services. The project, provisionally named Huobi Finance Chain, will be a regulator- friendly, high-performance financial blockchain that allows enterprises, financial institutions, and exchanges to deploy their own blockchains, tokenized assets, and DeFi services. Among other applications, the project will have the potential to host lending services, debit services, stablecoins, decentralized exchanges (DEXs), real-world payment services, and more.

Posted by Editor