Huobi China Joins Blockchain Service Network (BSN) to Provide State-Backed DLT Solutions

Huobi’s China branch has joined the Blockchain Services Network (BSN); this FinTech alliance aims to provide blockchain solutions that will drive the integration of different networks. The initiative was pioneered through the State Information Center (SIC) and has been a work in progress under China Mobile and China UnionPay.

The move to join BSN was announced at the beginning of December at a SIC sponsored conference. Huobi will work with other significant FinTech players in this project; China UnionPay which is ‘similar’ to Visa is a notable associates. Tech giants backed by the Chinese state who are also part of this alliance include; WeBank, China Merchants Bank International, China Telecom and China Mobile.

Xinhua news recently reported that the BSN blockchain solution had been ‘successfully deployed’. Basically, its fundamental objective is the integration of various platforms ranging from private to public institution networks. Huobi’s September announcement about its Hainan headquarter would be a plus for the BSN alliance given the province’s consideration of a blockchain/FinTech sandbox.

Besides BSN, Huobi has been making major investments in the blockchain space; the Chinese group announced in November a $100 million allocation to build a data center in Argentina. This will be directed to build blockchain infrastructure and integrate fiat solutions that can save the ailing Argentinian economy.