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Huobi in Blockchain Alliance with Chinese State-backed Giants

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Huobi China (火币) has joined a state-backed blockchain alliance envisioned to be one of the most influential infrastructure services providers in the country. 

The Chinese branch of cryptocurrency exchange Huobi is one of the first members of the Blockchain Services Network (BSN), an industry alliance initiated by the State Information Center (SIC), according to several reports.

The crypto exchange will join China UnionPay, state-backed telecom giant China Mobile, China Merchants Bank International, and Weizhong Bank among others in the alliance. The network would be tested in 54 cities across the country as well as Hong Kong and Singapore for projects such as smart city management.

“When developing an app, people would think about Android and IOS systems, we hope BSN would be the first thing that people would think whenever they want to develop their own blockchain technologies.” 
– Shi Wenchao, president of China UnionPay

Huobi China has been trying to steer away from crypto trading in the country and establish itself as a blockchain services provider since the 2017 crackdown on crypto exchanges.

Headquartered in Singapore

Headquartered in Singapore, Huobi re-entered China by opening a country-specific headquarter in the province of Hainan. Today, the city’s Financial Supervisory Authority president Chen Yang had also made an announcement that Hainan is willing to adopt a sandbox model for testing fintech and the blockchain technology.

The exchange also opened branch offices in the United States, Hong Kong, Japan, South Korea, and Turkey.

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