Today Red Date Technology, the technical architect behind China’s Blockchain-based Service Network (BSN), announced it has raised a $30 million Series A funding round. The investment was led by Prosperity 7 Ventures, an indirect subsidiary of Saudi Aramco. Other investors include Hong Kong’s Kenetic, clients of Switzerland’s Bank Pictet, Bangkok Bank and existing shareholder Blueprint Forest, a Chino-Thai multi-family office.
The BSN was initiated by the Chinese government’s State Information Center (SIC) along with Red Date, China Mobile and China UnionPay. Launched in April 2020, it aims to provide low-cost blockchain access making it accessible to the masses and offering numerous different blockchain technologies. This avoids companies needing to deploy their own nodes.
“The Internet’s Golden Age was only made possible when the cost of building websites was reduced to near zero,” said Yifan He, CEO of Red Date Technology. “The BSN makes the cost of creating and running applications exceptionally low.”
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