Huobi Group is jointly developing a new public blockchain for decentralized financial (DeFi) services, according to a press release on July 1.

Major global digital asset financial service provider Huobi has partnered with Chinese blockchain startup Nervos enabling companies to deploy their own blockchains, tokenized assets, as well as DeFi services, according to the announcement.

The joint initiative, provisionally called “Huobi Finance Chain,” is targeting enterprises, financial institutions, as well as exchanges, and is set to operate as a regulatory-compliant financial blockchain network.

Specifically, Huobi is planning to enable regulators to access the network and contribute to it as validators. The network will also feature major regulatory tools and requirements including decentralized identifier (DID), Know Your Customer (KYC), and Anti-Money Laundering (AML).

Additionally, the developers expect the project to host lending services, debit services, stablecoins, security token offerings (STOs), as well as “other means of asset issuance,” decentralized exchanges (DEXs), and payment services, Huobi stated in the press release.

Expected to open source in Q3 2019, Huobi Finance Chain is scheduled to be rolled out in testnet launch in Q1, while mainnet launch is planned for Q2 2020.

Founded by a former researcher and developer at the Ethereum Foundation, Nervos Network is a collection of protocols and public blockchain ecosystem. In July 2018, Nervos raised $28 million from major industry firms including Polychain Capital in order to develop its enterprise blockchain solutions.

As recently reported, DeFi platforms are primarily promising in credit and lending services. According to DeFi.Review, EOS REX is the biggest DeFi platform by a comfortable margin, having around $587 million in EOS held in its platform at press time. The project is followed by MakerDAO, lender of its stablecoin DAI, with the deposits accounting for about $446 million to date.