Chinese Lender CreditEase Launches Blockchain Supply Chain Service

A major peer-to-peer lender in China is seeking to promote blockchain solutions in the global supply chain.

Mar 28, 2017 at 10:56 a.m. UTC
Updated Sep 11, 2021 at 1:11 p.m. UTC

One of China's largest peer-to-peer lending services has launched a private blockchain service based on ethereum.

Sina Tech reported today that CreditEase (known as Yixin in China) debuted the service at its own conference, showcasing how the platform (called 'BlockWorm') can store and secure blockchain data.

The report indicated that CreditEase would now seek to test the application, called CreditStorage, as a supply chain tool for enterprise businesses. CreditEase will reportedly work with a steel trading platform on integrating the service.

Founded in 2006, the Beijing-based startup offers microfinance services, connecting small borrowers with lenders via a web platform. Investors include Kleiner Perkins Caufield & Byers, Morgan Stanley and IDG Capital.

The company first began exploring blockchain following its participation in Circle's $60m Series D via its CreditEase Fintech Investment Fund, according to the report. (At the time, Circle was seeking to expand its services into China, opening its own domestic subsidiary, Circle China.)

According to Bloomberg data, CreditEase employed 3,200 wealth advisers and had roughly 150 offices in China as of mid-2016.

Abacus image via Shutterstock

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