Huobi Wallet Bets on DeFi, Adds Compound and MakerDao

Singapore-based crypto exchange Huobi on Monday announced the addition of support for two decentralized finance (DeFi) projects – Compound and MakerDao – to its wallet platform.

Per the announcement, Huobi Wallet will support all tokens developed on the blockchain of the two projects, including decentralized applications (Dapps).

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“We think blockchain technology has great potential not just for cryptocurrency but also in providing better overall financial services and products to the public,” Livio Weng, chief executive of Huobi added.

Creating a decentralized ecosystem for finance

Maker is one of the DeFi projects which created a lot of buzz in the blockchain arena. It is a combination of stablecoin, collateral loans, and community governance and offers a stablecoin called Dai, a token named MKR, and CPD Portal. Its decentralized portal – MakerDAO – is fully managed by smart contracts without the interference of any humans. It also offers a consensus voting mechanism for any changes on the smart contract-based network.

Compound, on the other hand, is an open-source autonomous protocol, supporting financial applications. Huobi Wallet has added support for its cTokens and Dapps, meaning users can directly lend their crypto and earn interest from the wallet platform.

“Both Compound and MakerDAO share our vision and we’re happy to add support for them,” Weng added.

“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,” Robert Leshner, founder and chief executive of Compound, said.

Huobi’s jump into the DeFi network was marked by its partnership with Nervos at the beginning of last month. The two firms are indulged into the development of a decentralized public blockchain called Huobi Finance Chain to support the DeFi projects.

Meanwhile, the Singapore based exchange also added support for Tezos to its wallet. The exchange is also focused on expanding its global footprint and recently obtained a license from regulators in Thailand to start a crypto exchange in the country.

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