Binance China Research Institute partnered with the State-Owned Enterprise (SOE) in China on June 29, to drive the adoption of blockchain technology in the supply chain sector. The news of the new strategic partnership is a substantial move for Binance, which started its trade in the Chinese nation.
According to a Chinese local news outlet report, Binance China reached an agreement with Beidou Supply Chain Management Group to deploy blockchain technology to ensure Small, Medium, and Micro Enterprises (SMEs) in China receive the necessary support to boost their development.
China has been a big advocate for blockchain technology, although the nation has not been a big fan of decentralized cryptocurrencies like bitcoin. Binance has just recently returned to China since leaving in 2017 when crypto-related activities were banned from the nation.
The blockchain drive
Nevertheless, the return of Binance to China was not driven by crypto-related activities. The return of Binance in China was inspired by the drive to promote blockchain adoption in the country. Notably, Binance China was launched back in April, utilizing a government recognized domain name “Binance.cn.”
At the time of the launch, the platform outlined that its sole focus is blockchain-related activities. Notably, the head of public relations at Binance China disclosed that it is meant for the firm’s institute dubbed Lingang Blockchain Technology and Industry Research Institute. Moreover, the institute describes itself as a blockchain enterprise and ecosystem that aims to become :
“A hub for blockchain talent, shaping for breakthroughs in blockchain technology; and accelerating the application of blockchain technology through integration with artificial intelligence (AI); big data, the Internet of Things (IoT), and other cutting-edge technologies.”
Good news don't travel. No English media seems to have picked this up.
Binance China Blockchain Research Institute signed a strategic partnership agreement with a SOE (State Owned Enterprise) for use of blockchain technologies in supply chain.#BUIDL https://t.co/Mrbd5tXYYX
— CZ Binance 🔶🔶🔶 (@cz_binance) June 29, 2020
Binance China is more active
The Binance Institute of China has been a busy body in recent days. The institute recently announced a partnership with Xinyuan Group; a real estate firm working on applying blockchain technology in the international real estate sector.
Furthermore, the recent move by Binance and its research institute is not only good news to Binance; but also the Chinese blockchain space. In conclusion, the step is not a show of leniency by China to cryptocurrencies, but further evidence of the nation’s strong commitment to blockchain technology.