China’s state-owned commercial bank, China Merchants Banks International (CMBI), announced today a new partnership with Nervos, a public Proof-of-Work-based blockchain.
The partnership will allow CMBI to develop and launch decentralized applications for different financial services, for both retail and institutional customers. According to Nervos Network co-founder Kevin Wang, the bank is looking to explore the tokenization of assets, payments, identity verification, trading, and lending.
This isn’t the first time the CMBI has experimented with blockchain technology as they have previously worked with a permissioned blockchain for internal purposes. This will, however, be the bank’s first time working with the public blockchain space. Wang also stated that CMBI “ha[s] done a lot of research internally” and is “willing to jump in on the public side.”
According to a Nervos spokesperson, permissionless blockchains are “ideal for inter-bank or external client-facing applications where security and multi-party verification are needed”.
Nervos’s protocol features a level one public permissionless layer providing a secure foundation, and a second layer that provides scalability and smart contracts support. In 2018 Nervos raised $28M from different investors, including the CMBI, to grow as a product and speed up the development of its enterprise blockchain solutions as well as building strategic partnerships. The blockchain is also launching a public sale of their native token on CoinList on Oct. 16 and are scheduled to launch their mainnet somewhere in Q4 of this year.