State-owned Banks Participate in Launch of China’s First Cross-Chain Protocol

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China has just seen the launch of its first cross-chain protocol with the participation of leading state-owned lenders.

The Luyu Cross Chain Protocol (—陆羽跨链协议) was officially launched on 18 November 2021, under the leadership of the Hangzhou-based Zhongchao Blockchain Technology Research Institute.

A total of eighteen financial institutions, tertiary institutions, tech companies and industry leagues participated in the launch of the protocol, including Bank of China (BOC), Industrial and Commercial Bank of China (ICBC), China UnionPay, China Zheshang Bank, Tsinghua University and the China Academy of formation and Communications Technology (CAICT).

Zhongchao said that the goal of the Protocol is to “undertake joint research and exploration into the interconnection of different alliance chain technologies, and is expected to create a common language for communication and exchange between different blockchains, and between blockchains and services.”

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