Crypto Exchange Huobi Joins China’s State-Backed Blockchain Alliance

| Updated
by Bhushan Akolkar · 3 min read
Crypto Exchange Huobi Joins China’s State-Backed Blockchain Alliance
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Huobi, along with many other local Chinese companies from the banking and telecom sector, joined the state-backed popular blockchain consortium Blockchain Services Network (BSN).

On Sunday, December 1, crypto exchange Huobi along with other Chinese telecom players joined the country’s state-backed popular blockchain consortium Blockchain Services Network (BSN). Huobi has joined as one of the first members of BSN which is an industry alliance initiated by the State Information Center (SIC).

The BSN was just launched in the last month of October by the SIC with an aim to boost the blockchain sector growth and further encourage the development of smart cities in the country. Planned by the National Information Center, the BSN is a global blockchain service infrastructure across different geographies, institutions, and public networks.

Along with Huobi, other local companies pledging their allegiance with the BSN include China UnionPay, China’s equivalent of VISA. Other companies include Tencent-backed WestBank, China Merchants Bank International, China Telecom and China Mobile. Writing about these big companies joining the BSN, a local Chinese news media outlet wrote:

“The environment will greatly reduce the development, deployment, operation and maintenance, interoperability and supervision costs of blockchain applications, and promote the rapid development and popularization of blockchain technology”.

Earlier in the month of September, Huobi launched its China headquarters in the city of Hainan. Now, the city’s Financial Supervisory Authority president Yang Chen has also made an announcement that Hainan is willing to adopt a sandbox model for testing fintech and the blockchain technology. So, in general. it will be true to say that the country is extremely interested in boosting blockchain adoption as it was noted by President Xi Jinping.

This will allow the government to dive deep and explore the benefits of blockchain while simultaneously allowing companies operating in this space, to test their products. Explaining Huobi’s entry in China, a low news media outlet wrote:

“Huobi China, based on Huobi Group’s five-year accumulation, research, training, technology and industry incubation advantages in the blockchain industry, will create a one-stop platform for blockchain + industrial services, relying on the Huobi Research Institute, Huobi University (China), Huobi Labs (China), Huobi Talents, Huobi Lawlin and other business platforms”

However, it’s worth mentioning that Huobi is working on strengthening its presence not only to the market of China. Less than a month ago, it was also announced that Huobi would change the way of working with the traders from the U.S. While Huobi Global announced on November 4 its intention to freeze all accounts of U.S. users, it was said that Huobi US is going to become a strong player on the market of the United States.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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