The Binance China Blockchain Institute has partnered with a state-level enterprise to jointly develop new digital infrastructure for small and medium enterprises in the country.
Binance’s new blockchain research institute in China has forged a strategic partnership with a state-level supply chain innovator to jointly develop digital infrastructure for small and medium enterprises (SMEs) in the country.
Announced today, July 3, the institute’s new partner is Zhongshang Beidon; a state-level enterprise for supply chain innovation that ultimately falls under the oversight of a ministerial-level organization known as the State-Owned Assets Supervision and Administration Commission of the State Council” — or SASAC.
SASAC is under the direct management of China’s State Council, and is responsible for managing all 96 centrally administered state-owned enterprises in the country.
As strategic partners, the Binance China Blockchain Institute and Zhongshang Beidou will cooperate on using blockchain technology to reconstruct supply chain infrastructure as well as promoting industrial innovation and the development of China’s digital economy.
They will collaborate on scientific research, joint project development and commercializing technological breakthroughs and platform construction.
Zhongshang Beidou’s chairman Hongtao Duan said the enterprise is, “Committed to driving industry capitalization through information industrialization, bringing China-based brands to the capital markets and to the global audience. By applying blockchain technology to the supply chain industry, it will also help protect and reshape the vintage brands and agricultural brands in China.”
As reported, Binance first launched its Shanghai-based research institute this March, in a sign that the exchange could be making tentative steps toward re-establishing its links with China.
According to today’s announcement, the Binance China Blockchain Institute joined the United Nations Global Compact as a high-level UN partner in mid-June as part of efforts to facilitate Beijing’s Belt and Road Initiative.
Other UNGC members include 15 major Chinese enterprises and institutions, among them the China Development Bank, Sinopec and the State Grid Corporation of China.
With the cooperation of Zhongshang Beidou, the Binance China Blockchain Institute is also launching an initiative dubbed the “New Digital Infrastructure — Hundred Cities Thousand Enterprises Spark Project.”
Through the Spark Project, the Institute will invest 100 million renminbi in over 1,000 micro- and SMEs over the next two years. These enterprises will be provided with access to the Binance ecosystem, helping them to build blockchain industry alliances and providing them with support for digital transformation.
A checkered history in China
Though it was founded in China, Binance left the country in the wake of Beijing’s crackdown on crypto-to-fiat trading and initial coin offerings in fall 2017. The government’s tough stance was soon consolidated by a string of further measures targeting the trading and issuance of decentralized cryptocurrencies.
In January 2020, the exchange committed to purchasing $1.4 million in medical supplies as part of its “Binance for Wuhan” project.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.