Cypherium, the enterprise-oriented startup, will contribute to the development of the blockchain infrastructure in Suzhou, China.
The blockchain platform for enterprise applications Cyphernium signed in recent days a memorandum of Understanding with the municipal government of the Chinese city of Suzhou, to carry out a development of blockchain infrastructure in the region.
Cypherium, known globally for being associated with transnational corporations such as Microsoft, Amazon, IBM and Google, will deploy its services at one of China’s most important technology hubs. Suzhou, in addition, is one of the cities that has presented successful tests in the tests of the new digital currency of the Chinese central bank, the digital yuan.
According to the report published by the company, the signing of the MoU took place within the framework of the 12th Venture Week in Suzhou, an event organized by the Suzhou City Council to foster an international innovation epicenter and create a round of ventures. This year, according to the publication, 2061 projects were collected; 1084 domestic and 977 foreign production projects.
“Suzhou is moving towards its ambition to become a leading blockchain district, especially with CBDCs gaining momentum around the world,” said Sky Gou, CEO of Cypherium.
In mid-April, agencies and companies in Suzhou’s Xiangcheng District announced the payment of 50% of local workers ‘ transportation subsidies with the new central bank digital currency (CBDC), also referred to by the Chinese authorities as digital currency/ electronic payment (DCEP).
“With several trials in the city, especially with workers in the city of Suzhou receiving part of their next transportation subsidies at DCEP, interoperability will likely play a role in determining which projects end up succeeding, ” Gou added.
As a startup focused on blockchain applications for the business sector, partnerships with major players on the global technology scene have shielded Cypherium from considerable reputation. In this regard, it is set to be the innovative arm of China in its career to total modernization.