JD Cloud, a subsidiary of China's largest online retailer JD Group, has partnered with digital currency exchange Huobi to explore blockchain technology applications and cloud computing, according to a press release published June 28.

According to the press release, the companies have signed a strategic cooperation agreement to jointly explore some key blockchain application scenarios focusing on financial services, Internet of Things (IoT), and supply chain fields. Additionally, the two companies are looking to conduct a study on the underlying technologies of blockchain, including ring signature, homomorphic encryption, Lightning Network, and various forms of consensus algorithm design and implementation.

Gang He, JD Group’s vice-president and head of JD Cloud’s Product Development Department, said that JD Cloud’s “rich” technical experience and “unique” technical advantages in the blockchain field were crucial for coming to an arrangement.

Singapore-based Huobi is the world’s fourth largest crypto exchange in terms of trade volume according to Coinmarketcap, having established a number of partnerships in the field of blockchain around the world. Recently, the exchange teamed up with Korea University for “industry-academia” cooperation in the field of blockchain development. The cooperation seeks to bridge academic research of the innovative technology with products useful for the industry.

In the beginning of June, Huobi announced the launch of its new public blockchain, the Huboi Chain Project (HCP). The new public blockchain will “be open so anyone can join and participate” including organizations and individuals. According to Huobi Group, the new platform will be used for “value exchange, fundraising, securitization and more.”