Blockchain Startup Nervos, China Merchants Bank International Partner To Develop DeFi Services

Blockchain, Innovation, News | October 4, 2019 By:

China Merchants Bank International (CMBI) is working with blockchain startup Nervos to develop and launch decentralized applications for financial services.

Approved by the China Banking Regulatory commission (CBRC), and incorporated in Hong Kong, CMBI is a wholly-owned subsidiary of China Merchants Bank (CMB”) for providing total quality financial services to global, local institutional and corporate clients as well as individual investors.

Nervos is an open source public blockchain ecosystem and collection of protocols that aim to solve the biggest challenges facing blockchains like bitcoin and ethereum today. The Nervos Common Knowledge Base (CKB) is the layer 1, proof of work public permissionless blockchain protocol of the Nervos Network. It allows any crypto-asset to be stored with the security, immutability and permissionless nature of Bitcoin while enabling smart contracts and layer 2 scaling and captures total network value through its native token and crypto-economic design.

Under the partnership, CMBI will tap into Nervos Network and its native CKB architecture to power future decentralized finance (DeFi) applications. CMBI will leverage Nervos’ unique layered architecture to scale its services on the blockchain without compromising security or performance. Additionally, CMBI will act as a strategic ecosystem partner and help Nervos grow its blockchain network within the financial services industry.

“The recent wave of high-profile blockchain projects such as Libra and JPM Coin foreshadows a shift in the financial services industry,” said Kevin Wang, co-founder of Nervos Network. “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.”

As Nervos’ strategic partner, CMBI will also participate in Nervos’ upcoming public sale, which is expected to take place on October 16 via CoinList.