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Huobi Announces Support for Compound, MakerDAO Tokens, DApps to Tackle DeFi Market

Singapore-based cryptocurrency exchange Huobi has agreed to support Compound’s and MakerDAO’s tokens and decentralized applications to expand in the decentralized finance market.

Livio Weng, CEO of Huobi Global, noted in a press release that the exchange shares the same vision with Compound and MakerDAO in using blockchain for not just cryptocurrency, but also other financial services and products to the public.

“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,” Compound CEO Robert Leshner added.

The partnership is part of Huobi’s DeFi initiative, which was launched in the second half of 2019 with a cemented collaboration with blockchain network Nervos.

The agreement with Nervos includes developing a new public blockchain project called Huobi Finance Chain, which will focus on helping enterprises, financial institutions, and exchanges to deploy their own blockchains, tokenized assets, and DeFi services. 

The project is also expected to host lending, debit, and real-world payment services, stablecoins, and decentralized exchanges, among other things.

Monica Monica

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