Posted 9 months ago | by Ben Armstrong
Binance and Blockchain Foundry will Collaborate to Widen Access to BUSD
This is just one of the most recent moves from one of the biggest crypto exchanges as it keeps expanding its services and benefits for its users. To take advantage of everything Binance has to offer and take your trading to a whole new level, make sure to click here.
Binance Wants to Expand its Stablecoin Channels
Through this partnership, Binance will be looking into options to make BUSD available on the Syscoin network by using Syscoin Ethereum Bridge, a move that would be sure to boost the adoption of the U.S. dollar-backed stablecoin.
The intention is to allow BUSD to use the Syscoin Platform Token (SPT) model and features it provides to facilitate BUSD-backed transactions.
Samuel Lim, Binance’s Chief Compliance Officer, referred to these plans by stating:
“Stablecoins are increasing in popularity and as a market leader in this ecosystem, Binance is always looking for ways to scale BUSD and improve public adoption. Our collaboration with Blockchain Foundry will allow BUSD to be used on the Syscoin platform and the Syscoin Ethereum bridge,”
BUSD recently reached the $1 Billion trading volume milestone after a bull run that started at the beginning of July and the increasing popularity of the stablecoin.
More Benefits for BUSD Users
By using the Syscoin Ethereum Bridge, a decentralized Finance (DeFi) application, Binance will allow the free flow of BUSD between the Ethereum and Syscoin blockchains quickly and at a low cost.
With the DeFi boom causing congestion and a rise in transaction fees on Ethereum, creating bridges between blockchains will allow ERC-20 stablecoin projects to work around it while improving speed and costs for their users.
In a statement from Blockchain Foundry, the company mentioned that “in a quick cost comparison between Ethereum and Syscoin transaction fees, ERC-20
projects can save their users thousands of dollars by reducing costs with the
According to an audit report published by Whiteblock Inc, the Syscoin network could result in a capacity increase between 60k and 140k transactions per seconds (TPS) powered by Syscoin’s Zero Confirmation Directed Acyclic Graph(Z-DAG) scaling technology
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