Cryptocurrency News

Huobi Expanding DeFi Presence With MakerDao, Compound Support

Singapore-based Huobi is expanding its presence in decentralized finance (DeFi).

The crypto exchange announced support for two autonomous loan making vehicles, the infamous MakerDao and a similarly open-sourced Compound protocol, according to an August 19 statement.

Both ethereum-based protocols serve as “market-makers” by allowing borrowers to take out liquid loans against a pool of assets.

“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,” said Robert Leshner, Founder and CEO of Compound.

Huobi will enable access to Maker’s autonomous, collateralized loan service through integrating the protocol’s CPD Portal, as well as Compound’s lending service.

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

The move will ensure that MakerDao’s stablecoin, DAI, as well as its MKR governance token receive wallet support. This is true for Compound’s cTokens, as well.

In July, the exchange revealed Huobi Finance Chain, which allows companies to launch their own blockchains, tokenized assets and DeFi services.

Huobi photo via Flikr

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