Bank of China Collaborates with Nervos Network (CKB) to Develop Blockchain-Based Financial Services

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CMBI, a subsidiary of China Merchants Bank, one of China's largest banks, has announced a strategic partnership with Nervos Network (CKB), a third-generation public blockchain platform. The partnership aims to develop and launch decentralized applications (dApps) for financial services based on blockchain technology.

Through this partnership, CMBI and Nervos will become mutually supportive ecosystem partners in the financial services industry. Nervos will assist CMBI in exploring the potential and benefits of blockchain, as well as providing a secure and flexible decentralized architecture to support dApps. Meanwhile, CMBI will leverage Nervos to increase the scale and efficiency of blockchain-based financial services, without sacrificing security or performance.

Nervos Network Important Partnerships

Kevin Wang, Co-founder of Nervos Network, said that the partnership with CMBI is an important step in realizing Nervos' vision to create a decentralized financial services ecosystem that is permissionless, that is, does not require authority or intermediaries. He also highlighted that the presence of major blockchain projects such as Libra and JPM Coin indicates a paradigm shift in the financial services industry.

Previously, CMBI had invested in Nervos as part of Nervos' first funding round which raised $28 million (IDR 440.53 billion) in 2023, which also involved well-known investors such as Sequoia China and Polychain Capital.

This partnership is also one of CMBI's efforts to keep up with blockchain technology and improve the financial services offered to its customers. Some of the areas being explored by CMBI using blockchain include asset tokenization, payments, and identity verification.

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Conclusion

The partnership between CMBI and Nervos Network is a clear example of strategic collaboration between conventional financial firms and innovative blockchain platforms. This partnership is expected to provide benefits for both parties, as well as for users and financial service actors in general.

By using blockchain technology, CMBI and Nervos can improve the quality, efficiency, and security of financial services, as well as open up opportunities to develop new financial services that are more inclusive, transparent, and fair.

Currently, CMBI and Nervos are in the development and implementation phase of dApps for financial services, which are scheduled to launch in the second quarter of 2024.

According to data from CoinMarketCap, a leading crypto analysis platform, the price of AXL, the native token of Nervos, is currently in the range of $0.25 (IDR 3,933.32) per token, up by 3.31% in the last 24 hours. Meanwhile, the price of FET, the native token of CMBI, is currently in the range of $0.67 (IDR 10,541.49) per token, up by 5.13% in the last 24 hours.

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