Binance will use the Syscoin ethereum-based bridge to facilitate the adoption of the BUSD stablecoin, as we are reading more in our Binance news today.
The Syscoin Foundation announced that the Syscoin Ethereum Bridge will be used and explored by the stablecoin of the biggest crypto exchange in the world-Binance (BUSD). According to the agreement, BUSD will be available on the Syscoin network and it is issued by Paxos and Binance pegged 1:1 with the US Dollar, approved by the New York State Department of Financial Services.
According to a press release, the stablecoin issued by the biggest crypto exchange worldwide Binance, in cooperation with Paxos, will be available on the Syscoin network after the integration. The Syscoin platform and the Ethereum bridge will allow for quick settlement times, low-costs transactions, and a huge transactional throughput. BUSD will be using the new model of the Platform Token dubbed SPT and a lot of the features will enhance the overall adoption of the stablecoin. The Chief Compliance Officer at Binance Samuel Lim said:
“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.”
BREAKING! 📢 The world's largest cryptocurrency exchange @Binance partners with @blockFoundry (CSE:BCFN) to adopt @Syscoin Platform for blazing speed & cost savings for #BUSD #stablecoin users. @cz_binance, you can now use Binance USD on the $SYS platform! ✅ Blog post in thread. pic.twitter.com/kTKYJ037Uw
— Syscoin (@syscoin) July 23, 2020
The past week was quite impressive for the SYS token as it increased more than 250% from $0.03 to $0.11. The new Bridge serves as a connector of the essential components of the entire DeFi ecosystem with the latter currently expanding, which is not a surprise that SYS is doing well too. The bridge enables ERC20 tokens to move back and forth between the the platform and Ethereum network. It’s powered by a series of ETH-based smart contracts and the Simple Payment Verification model. The trust component is minimized which removes the need for counterparties with almost zero limitations in terms of liquidity. The CEO of Syscoin Dan Wasyluk said:
“The Syscoin Ethereum bridge was designed specifically to help provide Syscoin’s benefits of fast, scalable, and low-cost transactions to tokens on other blockchain platforms. We’re excited to partner with Binance to demonstrate the platform benefits and cost savings this technology can bring to BUSD.”
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