One of the most popular cryptocurrency exchanges, Binance, is returning to the Chinese market after China introduced a ban on cryptocurrencies trading in 2017. However, Binance's target this time is returning to China for another purpose. The company will develop and promote blockchain technology.
New "Binance China"
The media yesterday announced that Binance launched its new website on the Chinese domain "Binance.cn" registered on Shanghai Benais Information Technology Co. Ltd. name.
Shanghai Benais was established on February 25th and its sole shareholder is He Junxi, who also owns "Shanghai Bonesh Information Technology Co., Ltd. and has investments in "Shenzhen Bernansi Technology Development Co., Ltd.,”
Apparently, the names of these companies in Chinese sound similar to the word Binance.
Promoting Blockchain Development
Binance in China will focus on promoting the implementation of blockchain technology. The home page of the Chinese version of shows that Binance China is the main creator of blockchain ecosystems in the industry
According to the head of PR, this website was established for the Lingang Blockchain Technology and Industry Research Institute project, which was launched in March.
Lingang Research Institute wants to create breakthrough solutions in blockchain technology and integrate it with artificial intelligence, large data, IoT and other modern technologies.
The Institute will provide funding for research, while supporting talent within block chains and providing professional development courses, technical and skills training for businesses and consultancy services
The Institute will provide funding for research, but will also support blockchain talents by giving opportunities for professional development by providing training and consultancy services to businesses.
China more interested in blockchain
Binance's return to China under the blockchain approach is a seemingly wise move on the company's part, given that the country is more open to adopting blockchain technology than digital currencies.
In October 2019, China's President, Xi Jinping, called on the country to increase the use of blockchains as this technology plays "a key role in technological innovation and industrial revolution".
After the President's approval, China revealed that country would increase its investment in blockchains by over $2 billion in 2023.