Korean firm will become first BSN portal operator outside of China

Red Date Technology, one of the four founding members of the Chinese Government-backed Blockchain Service Network (BSN), has announced Korean firm MetaverseSociety as the first BSN portal operator located outside of mainland China.

Twitter account “BSNbase” broke the news on Sept. 1, announcing that MetaverseSociety expects to launch its BSN portal during November of this year.

According to the tweet, the Korean portal will allow local developers to “build and operate blockchain applications quickly and effectively” on top of the BSN once live.

MetaverseSociety, also dubbed MarX Project, describes itself as seeking to build “a virtuous ecosystem: boasting direct connections between value generators and consumers on a nonfungible token (NFT)-powered decentralized finance platform.

The project offers unique token standards for digital asset and NFT issuers, and has launched a decentralized exchange enabling swaps between MetaverseSociety tokens.

China announced the launch of its BSN in April 2020, with the centralized blockchain network comprising a joint initiative between the National Information Center, China Mobile, China UnionPay and Red Date Technology.

Within two months, the project had splintered into two networks, BSN China and BSN International. Red Date is heading BSN International’s development.

Related: China’s blockchain project BSN to integrate R3 Corda

In June, Red Date Technology announced it had completed a $30 million Series A equity financing round. The round was led by Prosperity7Ventures and Kenetic, and also saw participation from Switzerland’s Bank Pictet and Thailand’s Bangkok Bank.

At the time, Red Date CEO Yifan He asserted that “The Internet’s ‘golden age’ was only made possible when the cost of building websites was reduced to near zero.” adding:

“The BSN makes the cost of creating and running applications exceptionally low, with the added benefit of multi-frameworks and interoperability, and larger customer bases.”

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