One of China's largest peer-to-peer lending services has launched a private blockchain service based on ethereum.
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
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.