Coinbase to Have Over 960k BTC in a Vault

The Chinese division of the Huobi cryptocurrency exchange is among the first members of the Blockchain Services Network (BSN), organized by the State Information Center (SIC) to unite industry representatives, The Block writes with reference to local media.

Information about the members of the new association was disclosed at the conference on December 1. In addition to Huobi, it includes China UnionPay, a Chinese payment system, supported by the authorities of the telecommunications giants China Mobile and China Telecom, as well as China Merchants Bank International and WeBank.

According to the Xinhua News Agency, BSN aims to provide infrastructure platforms in the field of blockchain services that will bring together different networks, regions and institutions. According to the publication, the platform developed by China UnionPay and China Mobile has already been “successfully deployed.”

Recently, Huobi opened an official unit in the Chinese province of Hainan, writes The Block. On Sunday, President of the Hainan Financial Supervision Authority Yang Chen said that a regulatory sandbox model was being introduced in the region to test financial technologies and blockchain.