CMBI Collaborates With Blockchain Firm Nervos to Build DeFi Services
China Merchants Bank International (CMBI) is collaborating with Chinese blockchain firm Nervos Network, which was established by an ex-academic and programmer of the Ethereum Foundation.
Under the collaboration, both parties will concentrate on jointly building decentralized finance (DeFi) apps and assisting Nervos to promote its network in the financial services sector.
Nervos Network builds a range of protocols and public blockchain ecosystem intended to accomplish safety, inalterability, and permission free potential illustrated by the Bitcoin (BTC) network besides smart contract ability, Layer-2 scaling compatibility and token economics.
The Layer-1 of Nervos is Common knowledge base (CKB), proof-of-work public and permissionless covenant that will be utilized as the inherent architecture for the DeFi apps to be coded with CMBI.
Kevin Wang, co-founder of Nervos Network, explained the importance of the partnership:
“The recent wave of high-profile blockchain projects such as Libra and JPM Coin foreshadows a shift in the financial services industry […] our partnership with CMBI will play an important role in modelling the future of decentralized finance and accelerating mainstream blockchain adoption.”
Furthermore, Nervos received funding from CMNI’s fund for developing enterprise level blockchain solutions. The total amount raised by Nervos was $28 million.
Nervos received funding from several high-profile blockchain investors such as Polychain Capital, a crypto hedge fund, and Sequoia China, a venture capital firm, to name a few.
CMBI also intends to take part in public token sales of Nervos for the CKB protocol’s innate token CKByte through CoinList on October 16.
In July 2019, Nervos collaborated with Huobi Group, which also operates cryptocurrency exchange, in order to build a distinct public blockchain, named Huobi Finance Chain, intended to serve DeFi services.