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Huobi becomes part of China’s blockchain consortium

The Chinese arm of leading cryptocurrency exchange Huobi has joined China’s prestigious blockchain consortium, along with financial services giant UnionPay and some prominent names in the telecom sector such as China Mobile, China Telecom, WeBank, and China Merchants Bank International.

China’s nationwide blockchain alliance, known as the blockchain service network (BSN) formed by the State Information Center, was launched in October, with an aim to foster blockchain sector growth and aid the development of digital economy and smart cities in the country. It was bestowed with a responsibility to breathe new life into the economic and technical approach of blockchain and generate a wave of blockchain-based business models and industries.

On 1st December 2019, a local Chinese news media outlet reported that digital assets exchange Huobi became one of the first batches of members that will contribute towards the expansion of the blockchain network across various institutions and industries. The grand-scale platform that was brought together by China Mobile and China UnionPay has been successfully implemented and deployed, the news report confirms.

Meanwhile, a news report published by the People.com.cn on 1st December 2019, confirmed that the Chinese province of Hainan is embracing a framework model for testing the deployment blockchain in fintech companies. The initiative to join this movement marks the Singapore-based digital currency exchange Huobi’s first significant contribution to the region’s development ever since it stepped its foot into Hainan in September this year.

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