New York-based blockchain startup Cypherium has announced a strategic partnership with Blockchain Services Network (BSN), a China-developed network infrastructure provider for blockchains, to lower costs for blockchain developers, according to a Thursday press release.
Why it matters: The partnership is part of BSN’s ongoing push to expand its global footprint.
- BSN is a network for blockchain applications, like an internet specifically for blockchains. The network pools cloud and development resources to provide affordable network infrastructures for companies who wish to use and build blockchain apps, which can often be expensive for small and medium-sized companies.
Details: Cypherium’s technology will be integrated into the BSN, reducing costs for BSN developers who wish to use Cypherium. Founded in 2018, Cypherium is a public blockchain framework focusing on central bank digital currency.
- BSN has already integrated with many other well-known public blockchain frameworks, including Ethereum, ConsenSys Quorum, Hyperledger Fabric, and Tezos. Cypherium has previously partnered with global technology giants like Google, Microsoft, and Randstad.
- The partnership between Cypherium and BSN will allow central banks to develop and manage national virtual currencies more efficiently, according to the press release.
- Yifan He, CEO of Red Date Technology, the architect of the BSN, and Executive Director of the BSN Development Association, said in the press release that the company is excited to “help support Cypherium’s mission of financial inclusion around the world.”
Context: BSN is one network but has separated governance of its Chinese business from its international business in July 2020.
- In China, the network hosts mostly permissioned chains and is supported by Chinese government entities and state-owned enterprises, such as the State Information Center, China Mobile, and UnionPay.
- Outside of China, the network embraces public chains and decentralized projects. BSN’s international operations will be governed by a nonprofit organization called BSN Foundation in Singapore, which is expected to be fully established in October.