Korean firm to become first BSN portal operator outside China

Korean firm to become first BSN portal operator outside China


Korean blockchain firm MetaverseSociety has lately announced it is ready to become the first operator of the Blockchain Service Network (BSN) portal outside China.


Chinese government-backed BSN’s one of the four founding institutions, Red Date Technology, has confirmed that MetaverseSociety would now operate outside mainland China, breaking the news on September 1 through a Twitter account “BSNbase”.


The project is dubbed as the ‘MarX Project’, describing its aims and objectives as an initiative seeking to build “a virtuous ecosystem” that boasts direct links between valuable content generators and consumers through a decentralized finance platform powered by nonfungible (NFT) tokens.


According to the tweet, MetaverseSociety’s is slated to launch its BSN portal by November this year, wherein the Korean portal will enable local developers to build as well as manage blockchain applications effectively once the BSN is live.


MarX Project is offering exceptional token standards for both digital assets and NFT issuers, following a launch of decentralized exchange that enables swaps between MetaverseSociety tokens.


The Chinese Blockchain Network is a joint venture between its National Information Center, China UnionPay, China Mobile and Red Date Technology, launched in April 2020. But within two months, the original project had separated into two divisions – BSN China and BSN International. 


Red Date, which is currently heading BSN International’s development, had announced the completion of a $30 million Series A equity financing round in June 2021. The round was led by Kinetic and Prosperity7Ventures, also witnessing participation from Switzerland’s Bank Pictet and Thailand’s Bangkok Bank.


Yifan He, CEO of Red Date, had highlighted back then that only when the cost of building websites had reduced to zero could the internet see a ‘golden age’, adding that with this vision, BSN is equipped with creating and running applications at an “exceptionally low rate” with additional benefits of “multi-frameworks and interoperability.”

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