Binance supports flow blockchain with BUSD Stablecoin
New York, September 17, 2020 - Binance, the global blockchain company behind the world's largest digital asset exchange by trading volume and users, today announced its stablecoin support agreement BUSD on Flow, the blockchain developed by Dapper Labs, the company behind CryptoKitties and NBA Top Shot. This is a key step for all Flow ecosystem builders who are driving the next wave of the digital revolution.
Backed by industry leaders including Binance and Paxos, the introduction of BUSD on Flow opens whole new ways to build secure DeFi primitives, untapped NFT use cases and global market. Flow is uniquely oriented to be the building block for the next generation of decentralized consumer applications, allowing developers to deliver rich digital experiences powered by blockchain technology. With BUSD on Flow, the scope of these experiences expands dramatically.
Details of the partnership include:
The BUSD stablecoin will be available soon on the Flow blockchain
Any third party or ecosystem builder on Flow will be able to integrate stablecoins into their dapp in an unauthorized manner.
“We believe that decentralized gaming and entertainment will play a leading role in accelerating the adoption of cryptocurrencies. Our partnership with Flow and Dapper track record will put BUSD in the hands of millions of consumers. We won't stop innovating as we look to build fintech infrastructure for tomorrow, ”said Binance Compliance Manager Samuel Lim.
Flow is the only first-class blockchain built by a team that both understands the importance of reducing complexity for ecosystem developers, and possesses proven expertise in eliminating crashes. aircraft for general users. As a result, leading global companies such as Ubisoft, Warner Music Group and Animoca, along with brands such as Dr. Seuss, UFC, and NBA have partnered with Dapper Labs and Flow to provide blockchain-enabled applications for billions of people.
"At Dapper, we believe that having a stable, reliable currency that users can easily access, understand and trust is paramount to adopting." Says Mik Naayem, Sales Manager at Dapper Labs. "By partnering with Binance and the BUSD team, we are taking an important step towards creating the infrastructure needed to power decentralized applications with mainstream aspirations."
BUSD stablecoin is:
Regulated: for client protection, BUSD is fully regulated by the New York State Department of Financial Services
Supported: each BUSD token is backed 1: 1 in US dollars
Audited: monthly checks to make sure the BUSD and USD supplies match
BUSD's highly regulated and secure nature reinforces Flow's consumer-friendliness by creating a richer ecosystem while opening up new opportunities in DeFi that would otherwise lie. beyond the capabilities of the general user. New DeFi applications include derivatives, mortgage loans, P2P credit systems, insurance products, and more. will start to thrive on Flow.
Introducing Dapper Labs
Dapper Labs is the company behind CryptoKitties and blockchain Flow as well as upcoming titles like NBA Top Shot. Founded in 2018, Dapper Labs uses blockchain technology to bring new forms of digital interaction to fans around the world. Blockchain-powered apps can bring fans closer to the brand they love, give people a real stake in the communities they contribute to, and create new ways for consumers. become a creator yourself. The widely announced Dapper Labs partners include the NBA and NBPA, Warner Music Group, Ubisoft, and UFC. Notable investors in Dapper Labs include Andreessen Horowitz, Union Square Ventures, Venrock, Google Ventures, Samsung and the founders of Dreamworks, Reddit, Coinbase, Zynga and AngelList, among others.
BUSD (Binance USD) is a stablecoin pegged to the US Dollar (USD). Approved by New York State Financial Services (NYDFS) and issued in partnership with Paxos, BUSD is available to buy and redeem at rates of 1 BUSD to 1 USD.
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