The startup Red Date Technology, behind China’s national Infrastructure Blockchain Platform (BSN) closed a Series A funding round worth $30 million.
It was led by Prosperity7 Ventures, a diversified fund of the venture arm of the oil giant Saudi Aramco, and Hong Kong’s Kenetic. Other participants included Pictet Bank (Switzerland) and Bangkok Bank.
BSN is designed as a global network to connect public and private blockchains, making the technology accessible to small and medium-sized enterprises.
“BSN is an innovative initiative that could accelerate both the development and deployment of technology and blockchain applications,” said Aisar Taieb, Executive Managing Director of Prosperity7 Ventures.
According to the press release, BSN International, the governance body for the platform outside China, will be established as a Singapore-based fund managed by a consortium of multinational corporations and financial institutions to operate in accordance with international standards.
In China, the project will be managed by the China BSN Development Association, operating under local laws and norms.
The BSN codebase is planned to be opened under the fund in the coming months, with public access within three years.
“For BSN to achieve global success, governance and development of the international segment must be open and transparent, and this is an area where our overseas shareholders and partners can provide significant support,” said He Yifan, CEO of Red Date.
As Forrester’s principal analyst Martha Bennett notes, the global development of BSN is impeded by political risks.
Follow ForkLog news on VK.