SAN FRANCISCO, Oct. 3, 2019 /PRNewswire/ -- China Merchants Bank International ("CMBI") is partnering with layered blockchain Nervos to jointly develop and launch decentralized applications for financial services. Additionally, CMBI will act as a strategic ecosystem partner and help Nervos grow its blockchain network within the financial services industry.
As CMBI explores blockchain technology to enhance its products and services, the firm plans to 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. Nervos' public, permissionless layer one protocol—Common Knowledge Base (CKB)—provides a secure and trustless foundation while its layer two solutions enable unlimited scaling via smart contracts.
Last year, CMBI's fund made a strategic investment in Nervos as part of a $28 million USD round of financing, which also included participation from Sequoia China, Polychain Capital, and others. As Nervos' strategic partner, CMBI will participate in Nervos' upcoming public sale, which is expected to take place on October 16th via CoinList.
"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."
Nervos' partnership with CMBI follows another high-profile partnership in the financial services industry with global cryptocurrency exchange Huobi and other milestones such as its testnet launch in May 2019. Nervos' mainnet is expected to be released in Q4 2019.
About Nervos Network
The Nervos Network is a collection of protocols and public blockchain ecosystem aiming to solve the biggest challenges facing blockchains like Bitcoin and Ethereum today - backed by $28M from Sequoia China, Polychain Capital and more.
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.
Nervos Network was founded by the creators of Spark Pool, the largest ETH mining pool; imToken, the world's largest Ethereum wallet; Cryptape, the largest and most recognized blockchain engineering team in China; and contributors to Bitcoin and Ethereum core protocol research and development.
For more information on Nervos, visit www.nervos.org.
Incorporated in Hong Kong, CMB International (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.