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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.)