Posted 10 months ago | by Ben Armstrong
Binance Partners with Harmony to Launch BUSD stablecoin
Major cryptocurrency exchange Binance announced its partnership with Harmony to launch Binance’s BUSD stablecoin on Harmony's blockchain network. This new collaboration was developed from an existing relationship between both companies.
Harmony expects that BUSD, the first stablecoin on the platform, to strengthen the position of the company in capturing a share of the developing stablecoin market as well as setting up a strategy for further financial use cases on the platform.
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New Stablecoin From Binance
The sharded proof-of-stake (POS) protocol of Harmony offers high-throughput with fast settlement times. It also offers low transaction fees which should be able to satisfy the growing demand for stablecoin value transfers.
The company expects to able to convince people in the industry that its technology provides users with great experiences, and can also attract new stablecoin use cases.
Harmony expects that its blockchain can be used as a global settlement layer that provides instant transfer of value within and across borders at a fraction of today’s costs.
Nick White, Co-founder and Chief BBQ Officer of Harmony, wrote:
“We must take this opportunity to thank Binance for their continued support. We began our partnership with Binance a year ago for our IEO, but that was only the beginning. Since then, they have supported our Pangaea testnet campaigns from which came our P-OPS team and many core community members. They supported our staking launch by operating nodes and delegating tokens to validators. And now they have brought us yet another major milestone, our first stablecoin”
Binance is Expanding in USA
Binance.US, the cryptocurrency exchange company’s US-based branch, launched an over-the-counter (OTC) digital asset trading desk for trades valued at $10,000 or more.
Binance.US CEO Catherine Coley spoke in a recent interview, said:
“All USD deposits made at Binance.US are held in pooled custodial accounts at multiple banks, which are insured by the FDIC. We maintain them in a manner that provides access to pass-through FDIC insurance coverage up to the current depositor coverage limit, which is $250,000. FDIC insurance coverage protects depositors against the risk of loss in the event that an FDIC-insured bank fails.”