Crypto Exchange giant, Binance has announced a partnership deal with a leading North American blockchain development firm, Blockchain Foundry. According to the announcement, the partnership will enable the BUSD stablecoin to be available on the Syscoin network.
The move will enable both parties to explore the use of the Syscoin Ethereum bridge, targeting blockchain scalability. BUSD is an ERC-20 token issued by Binance and Paxos that is pegged to the USD in the ratio 1:1. Blockchain Foundry will be able to use its Syscoin bridge to create a Syscoin Platform Token (SPT) which will be fungible with BUSD.
SPT will allow BUSD users to take advantage of Syscoin’s fast, scalable and cheap transactions. It will also preserve the ability to leverage Ethereum’s smart contract functionality. This partnership will also explore the potential to bridge blockchains to Binance Smart Chain (BSC), in support of Binance chain tokens and BUSD.
Binance Chief Compliance Officer, Samuel Lim stated that, since the popularity of stablecoins is improving, Binance is finding ways to scale BUSD and increase public adoption. He added that their partnership with Blockchain Foundry will enable BUSD to be used on both Syscoin platform and Syscoin Ethereum bridge.
The Syscoin Ethereum bridge which was recently launched by Blockchain Foundry allows ERC-20 tokens to move back and forth between Ethereum and Syscoin blockchains. The bridge is powered by a series of Ethereum smart contracts and Simple Payment Verification. It has no liquidity limitations, it is trust-minimized, and does not need counterparties.
Dan Wasyluk, CEO of Blockchain Foundry, noted that the Syscoin Ethereum bridge was created to provide Syscoin’s benefits of fast, scalable, inexpensive transactions to tokens on other blockchain platforms. He added that, they are excited to collaborate with Binance to demonstrate the benefits of the technology to BUSD and other ERC-20 projects.