KSA Aramco growth fund invests in Red Date technology blockchain connectivity network

Red Date Technology, the architect behind the world’s largest blockchain connectivity network, the Blockchain-based Service Network (BSN),has completed USD 30 million Series A equity financing. BSN launched in April and is strongly backed by Chinese entities and government.

 

The round was led by Prosperity7 Ventures  (the diversified growth fund of  Saudi Arabian Aramco Ventures), with offices in Dahran KSA, and Hong Kong-based blockchain investment firm Kenetic. Other participants include Bank Pictet (Switzerland), investing on behalf of its clients, and Bangkok Bank. Prosperity7ventures invests in next generation technologies. As per their website they are the 1 billion USD diversified growth fund of Aramco Ventures that invest in early stage ventures in Blockchain, financial industrial technolgies and healthcare. 

 

Aramco has been a strong investor and supporter of Blockchain and is not only investing in blockchain startups but implementing blockchain solutions. 

 

According to Aysar Tayeb, Executive Managing Director of Prosperity7 Ventures, “The BSN is a pioneering initiative that can accelerate both the development and adoption of blockchain technology and applications. We are thrilled to support Red Date and be a part of the BSN initiative and the positive value it will create.”

 

The BSN is a global network enabling connectivity between public and private blockchains. It reduces the cost and improves flexibility, interoperability and efficiency, making blockchain services accessible to SMEs and individual developers worldwide.

 

According to Yifan He, CEO of Red Date, “The Internet’s Golden Age was only made possible when the cost of building websites was reduced to near zero. The BSN makes the cost of creating and running applications exceptionally low, with the added benefit of multi-frameworks and interoperability, and larger customer bases.”

 

“The BSN is the foundation of global blockchain adoption and will succeed through an alliance of public and private partnerships and technologies, supported by a world-class engineering team and unprecedented enterprise and sovereign backing.” noted Jehan Chu, Founder and Managing Partner of Kenetic.

 

The BSN International, the governing body of the global network outside China, will be established as a Singapore-based foundation and governed by a consortium of multinational corporations and financial institutions to ensure the global network is operated by international standards. Separately, the BSN Development Association of China will operate and manage the domestic network onshore in full compliance with local laws and regulations.

 

As part of its commitment to transparency, the BSN codebase will be fully open sourced within the foundation in the coming months and to the public within 3 years.

 

“For BSN to succeed globally, BSN International’s governance and development must be open and transparent, which is an area where our international shareholders and partners can provide strong support.” He added.