PlayIconNav
BTC
$98,398.14+0.83%
ETH
$3,332.92+6.30%
SOL
$258.41+6.62%
BNB
$622.24+2.28%
XRP
$1.40+24.85%
DOGE
$0.38515320+0.97%
CD20
$3,227.55+7.05%
ADA
$0.86362037+11.27%
TRX
$0.19750722-0.07%
AVAX
$36.62+9.04%
SHIB
$0.00002466+3.81%
WBTC
$97,520.31+0.47%
Ad
Markets
Election 2024

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.

By Pete Rizzo
AccessTimeIconMar 28, 2017 at 10:56 a.m. UTC
Updated Aug 18, 2021 at 5:58 p.m. UTC
Presented By Icon

Election 2024 coverage presented by

Stand with crypto
abacus-math

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.

VolumeMuteUnmute

Guild of Guardians Built to 'Win' the Web2 Mobile Space: Game Director

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0

    • 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

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

    Learn more about Consensus 2024, 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.