China's First Share-holding Commercial Bank to Develop DeFi Services
Main page News, Fintech, Banking, China

A wholly-owned subsidiary of China Merchants Bank, CMB International (CMBI), has signed a partnership with the Nervos Network, a collection of protocols and public blockchain ecosystem to develop decentralized finance (DeFi) applications for financial services.

CMBI will also act as a strategic ecosystem partner and help Nervos grow its blockchain network within the financial services industry, states the official announcement that was shared with iHodl.

Kevin Wang, the Co-founder of Nervos Network claims the recent wave of high-profile blockchain projects such as Libra and JPM Coin "foreshadows a shift in the financial services industry."

"As more financial institutions and enterprises get on board with blockchain technology, our partnership with CMBI will play an important role in modeling the future of decentralized finance and accelerating mainstream blockchain adoption," Wang added.

Previously iHodl reported that digital asset ecosystem Ripple acquired cryptocurrency startup Logos, a crypto-payments solution focused on speed and scalability.

Moreover, one of the first pioneers among the cryptocurrency-focused hedge funds, EXANTE, streamlined the launch of Defix, a decentralized finance index which is following popular prediction markets startups in the blockchain industry on Nasdaq.

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