BSN, a Chinese blockchain project, has expanded into Turkey and Uzbekistan.

 131 Interactions,  2 Today

BSN, a Chinese blockchain project, has expanded to Turkey and Uzbekistan following the launch of the BSN Hong Kong and Macau portals.

The Blockchain-based Service Network (BSN), a Chinese government-backed blockchain project, is expanding its global presence by opening two new portals in Turkey and Uzbekistan.

The BSN project’s architect, Red Date Technology, has signed an agreement with a Turkish consulting firm, Turkish Chinese Business Matching Center (TUCEM), to launch two international BSN portals in Turkey and Uzbekistan in late December 2021.

TUSEM, which was founded in 2006, has grown to become a major economic cooperation hub between Turkey and China. The company will be the sole operator of the two new BSN portals in Turkey and Uzbekistan that will provide blockchain-as-a-service (BaaS).

The new portals will enable blockchain developers in Turkey and Uzbekistan to build BaaS applications on major blockchains such as the Ethereum network, Algorand, Polkadot, Tezos, ConsenSys Quorum, Corda, and others, using the global BSN portal. The initiative aims to address major challenges associated with blockchain application development, enable blockchain interoperability, and reduce development costs.

See also  Fear of China has given way to fear of infrastructure bills — here are five things to keep an eye on in Bitcoin this week.

“Turkey has long played a role as a bridge between Asia and Europe and so it is fitting that the first BSN portal outside of Asia will be launched there,” Red Date Technology CEO Yifan He said.

Mehmet Akfırat, president of TUCEM and head of BSN Turkey, said that the BSN’s Turkish portal will contribute to social development and financial inclusion. According to the exec, both Turkey and Uzbekistan are highly engaged in blockchain development.

He told Cointelegraph that BSN doesn’t choose the locations for its international portals. “As long as we have good local partners in some regions, we don’t really mind where they are,” the exec said, adding that BSN is also talking to potential partners from the United States, Europe and Australia.

The CEO also noted that BSN does not operate its international portals. “They are all built and operated by our local partners. They own the portals, which leverage BSN infrastructure to build the most powerful BaaS site with little cost,” He said.

BSN recently launched a Hong Kong and Macau portal on Sept. 1, contributing to the development of more than 30 new blockchain projects. BSN also plans to set up an international BSN portal in South Korea in November.

See also  According to reports, SBI intends to start a cryptocurrency fund in Japan by December.

The BSN announced plans in January 2021 to build a universal digital payment network for central bank digital currencies (CBDCs), following earlier plans to support stablecoins for various services on the BSN ecosystem.

However, He claims that the BSN is no longer involved in “any CBDC-related projects” and has abandoned its plans for a stablecoin.

“BSN no longer will integrate stablecoins. We move that plan to another entirely new project, which has no association with BSN. For BSN, we are focusing on expanding footprints in different countries,” He told Cointelegraph.

Subscribe to our newsletter


Leave a Reply

Your email address will not be published. Required fields are marked *