Ken Chigbo
Independent Analyst
- China National Blockchain Consortium will have infrastructure provided by WeBank.
- The bank will provide its patented open consortium chain to the BSN.
Tencent’s WeBank, a digital bank that provides loans to small businesses and individuals, has become the first technical infrastructure provider for the nation’s blockchain network.
Chinese state media report that the bank will be providing the Blockchain-Based Service Network (BSN) with its patented open consortium chain FISCO BCOS.
As per the statement from the company, as opposed to a single blockchain, the consortium chain is a set of blockchain applications to serve the general public.
The BSN which was launched last week, consisting of some 14-members will be developing and operating blockchain-based applications in the network using their individual expertise and technologies.
Members of the consortium include WeBank, Huobi China, the State Information Center, and state-owned tech giants China UnionPay, China Mobile and China Telecom.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
This week could be explosive for ETH: Ethereum ETFs to debut in the US on Tuesday
Ethereum (ETH) is down nearly 1% on Monday as the Securities & Exchange Commission (SEC) confirmed via its website on Tuesday that it has given the final approval for spot ETH ETFs. Considering the ETH ETF launch and the upcoming Bitcoin Conference, this week could prove crucial for Ethereum.
SEC gives final approval for Ethereum ETFs to begin trading
The Securities and Exchange Commission (SEC) approved the S-1 registration statements of spot Ethereum ETF issuers on Monday, making it the second digital asset ETF to go live in the US, according to the latest filings on its website. The approval is also visible across the websites of the various asset managers that applied for the product.
Could Donald Trump and Elon Musk provide Bitcoin's bullish spark?
Trump could use Justice Department's 200,000 BTC as headstart for potential Bitcoin reserve, says analyst. Elon Musk hints at potential Bitcoin endorsement after US dollar value destruction post and laser eyes profile picture. The bearish crowd has remained silent since Bitcoin's two-week rebound.
Crypto investment products continue positive run after $1.35 billion net inflows
CoinShares' weekly report shows that crypto investment products saw a third consecutive week of inflows. Bitcoin saw inflows of $1.27 billion, with short-bitcoin recording more outflows. Ethereum-based products outperformed Solana on year-to-date inflows.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.