China’s BSN (Blockchain Service Network) has plans of expanding its reach to outside of the country, as was made evident by MetaverseSociety (a Korean blockchain firm) being revealed as the 1st ever BSN portal operator to be positioned outside of China.
The Chinese BSN is fully backed by the country’s government, and 1 out of the four founding members, named Red Date Technology, recently announced that MetaverseSociety should be the 1st BSN pool operator as abovementioned.
BSN portal to be launched in November
The Twitter account with the username of ‘BSNbase’ was the one to break the news to everyone earlier today when it revealed that the BSN portal by MetaverseSociety is expected to be launched this upcoming November. As per the information provided by the tweet, the news portal shall enable local developers to successfully ‘build and subsequently operate blockchain applications in a fast and effective manner once the BSN goes live in a few months.
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MetaverseSociety is also known as MarX Project and has been self-described as wanting to construct a ‘virtuous ecosystem that can have direct connections across different value generators and various consumers upon an NFT (non-fungible token) powered DeFi platform. To that end, the project provides unique token standards regarding NFT and digital asset issuers and has even launched a DEX that allows swaps to take place between the MetaverseSociety tokens.
China branching out beyond its borders
Back in April of last year, China had initially made the announcement of the BSN launch, as the centralized blockchain network had comprised of a collaborative program between several institutions such as Red Date Technology, China UnionPay, China Mobile, and the country’s National Information Center. Within a couple of months, news broke out that the project had, in fact, separated into two networks, namely BSN International and BSN China. For the former, Red Date Technology is reportedly spearheading development.
Furthermore, Red Date Technology had made it known last month that a $30 million equity financing round (Series A) had been completed, with the round itself being led by Kenetic and Prosperity7 Ventures. There had also been some additional participation from Bangkok Bank (based in Thailand) and Bank Pictet (based in Switzerland).
Back then, Yifan He (Red Date Technology’s CEO) had stated that the so-called ‘golden age of the Internet had only been made possible during the time when there was little to no cost associated with building websites. He added that the aforementioned BSN should lower the cost of forming and subsequently operating applications by a great extent, as well as be able to add interoperability, bigger customer bases, and multi-frameworks.