China’s state blockchain infrastructure Xinghuo BIF partners Malaysian MyEG to fuel global push
China’s state blockchain infrastructure Xinghuo Blockchain Infrastructure and Facility (Xinghuo BIF) has signed an agreement with Malaysian digital service provider MY E.G. Services Berhad (MyEG) to own and operate an “international supernode,” as China continues its international blockchain push.
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- The pair said in a statement on Thursday that the international node will connect to Zetrix, MyEG’s layer-1 permissioned public blockchain, which will expand connectivity and access for government agencies and businesses on a global blockchain network.
- China’s Xinghuo BIF is a national blockchain infrastructure under the Ministry of Industry and Information Technology, and is managed by the China Academy of Information and Communications Technology.
- Xinghuo BIF has been expanding overseas and aims to offer services in Malaysia and other Southeast Asian countries for blockchain applications, such as cross-border commodity tracing, identity verification and supply-chain finance, according to the statement.
- “Now with the commencement of the Xinghuo International Supernode, the rest of the world can connect and be part of the China Web 3.0 evolution that will promote the establishment of international communities and facilitate global trade and finance,” Wong Thean Soon, group managing director of MyEG and co-founder of Zetrix, said in the statement.
- The latest move by Xinghuo BIF reflects China’s ambition to build a global blockchain space with no cryptocurrency involved, after the nation banned crypto transactions in 2021.
- In September, China’s Blockchain-based Service Network (BSN), a state-backed consortium tasked to build domestic digital infrastructure, launched the BSN Spartan Network, which is only available outside mainland China and supports non-crypto versions of Ethereum, Cosmos and PolygonEdge. Some experts have voiced concern that BSN’s links to Beijing could be a challenge overseas amid concerns about data security and privacy.
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