China’s State Owned CMBI Partners With Nervos To Build Blockchain Based DeFi Apps

China Merchants Bank International (CMBI) has recently announced its entry into the blockchain ecosystem by partnering with Nervos, a layered blockchain network.

Nervos Network was founded by the creators of Spark Pool, imToken, Cryptape and others, with experience in all aspects of blockchain ecosystems, including contributions to Bitcoin and Ethereum core protocols. It is backed by $28M from Sequoia China, Polychain Capital and more with the support of CMBI.

Nervos Networks co-founder Kevin Wang says:

“Basically what has mostly been under the traditional finance umbrella, they [CMBI] are going to experiment to put into decentralized applications. CMB are always early adopters of technology. They are way ahead of all the other banks that we know of, so they actually have done a lot of research internally, build pilot programs in that, and willing to jump in on the public side.”

The Nervos Network will guide CMBI in the blockchain ecosystem, assisting them in their blockchain exploration. Nervos would be providing a decentralized architecture for supporting dApps. CMBI will use Nervos to scale its blockchain-based services without reducing their efficiency or security.

The wave of high-profile blockchain projects such as Libra and JPM Coin foreshadows a shift in the financial services industry. 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 the mainstream adoption of blockchain technologies.

Nervos’ deal with CMBI follows another important partnership in the financial services industry with major crypto exchange Huobi and other points such as its testnet launch in May 2019. The company’s mainnet is expected to be released in Q4 2019.