Developer of China’s Blockchain-Based Service Network Gets $30M in Series A Funding

The developer behind China’s Blockchain-based Service Network (BSN) has raised $30 million in a Series A funding round.

According to a report by The Block on Thursday, Red Date Technology’s staggering figure was led by Hong Kong crypto firm Kenetic and a diversified growth fund of Aramco’s venture arm, Prosperity7.

Other notable investors included financial services giant Pictet Group and Bangkok Bank one of Thailand’s largest banks. The funding will go towards bolstering BSN’s team as well as expanding the firm’s global market for its platform, per the report.

“There is a rebalancing of global technology infrastructure happening that gives greater access to underdeveloped and underrepresented countries,” Jehan Chu, managing partner at Kenetic told CoinDesk via WhatsApp. “BSN International, supported by Saudi Aramco and Red Date will use blockchain to help drive financial and technology inclusion for the next 50 years.”

See also: Inside China’s Effort to Create a Blockchain It Can Control

BSN is the government-sanctioned framework being developed in China for blockchain developers. The network was founded by Chinese state-owned telecom giant China Mobile, UnionPay and Red Date. The State Information Center, the policy-making think tank, was also part of BSN’s founding.

The network offers developers two distinct versions. One is for servicing developers outside China and another is for those developing inside the country. They offer two sets of blockchain options, which, in turn, are physically separate.