Zilliqa, the high-performance and high-security blockchain platform, announced that it will work with Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, to bring the BUSD stablecoin onto the Zilliqa network, in an effort to foster greater interoperability across the Zilliqa and Ethereum ecosystems, and enable developers to benefit from low-cost dapp development.
The BUSD stablecoin, issued in partnership with the Paxos Trust Company, is regulated by the New York Department of Financial Services and audited by a top auditing firm on a monthly basis. It is minted at a 1:1 ratio to US dollars and 100% backed by US dollars held in reserve at FDIC-insured US banks. Users can purchase BUSD on Binance, Paxos or on over 60 exchanges, wallets, DeFi protocols, payment and fiat gateways.
Zilliqa will collaborate with leading decentralized exchange Switcheo in forming an administrative consortium to manage all ZRC-2 BUSD (zBUSD) contracts, building an interoperability bridge between Ethereum and the Zilliqa chain and allowing users to move ERC-20 BUSD to the Zilliqa chain. All Zilliqa token holders will be able to benefit from the easy transfer of ERC-20 BUSD to zBUSD, getting to access a truly interoperable experience.
“As we look to the future of the blockchain industry, projects will continue to adapt their offerings based on the needs of users. From staking to stablecoins, Zilliqa has been pushing for innovations. Binance was one of the first trading platforms to support its innovative staked seed node service. This time, we are working together to introduce BUSD to the Zilliqa chain, furthering the mission of providing greater interoperability and growing the blockchain industry,” said Binance Chief Compliance Officer Samuel Lim.
Amrit Kumar, President and Chief Scientific Officer at Zilliqa, added: “At Zilliqa, we have always been fervent believers in the power of blockchain to create an open and interoperable financial ecosystem that is transparent and inclusive by design. This collaboration with Binance and Switcheo provides an unprecedented opportunity to pioneer the future of Open Finance for the region, with opportunities across trade finance, security token exchanges, and B2B cross-border settlements.”
As the blockchain ecosystem continues to evolve, stablecoins represent the next generation of financial instruments that are primed to bring the best of legacy finance to emerging technologies. The BUSD stablecoin is envisaged to further Binance’s offerings with a user-centric mindset.
Speaking on the collaborative project, Co-Founder of Switcheo Ivan Poon said: “We’re happy to have the opportunity to work with Zilliqa and Binance in bridging the gap between blockchains. This new project aligns with our vision of a globally connected decentralised financial ecosystem and takes a positive first step towards greater interoperability between platforms. We’re truly excited to be a part of it.”
BUSD is set to go live on the Zilliqa chain in Q4 of 2020. The interoperability bridge, which is under development, will bring all BUSD use cases available on Ethereum to Zilliqa, extending opportunities for collaboration across the two platforms.
Binance is the world’s leading blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.
For more information, visit: https://www.binance.com
Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications. Developed through academic research and helmed by a team of experienced scientists, engineers, venture creators and leaders in the financial services, Zilliqa addresses limitations in scalability and security, enabling real-world usability across a variety of industries, including finance, digital advertising, and gaming. In 2019, Zilliqa became the first public blockchain platform to be built on sharded architecture, with smart contracts written in the platform’s secure-by-design programming language, Scilla.
For more information, visit: zilliqa.com
Switcheo is the first decentralized cryptocurrency exchange on the Neo blockchain, which now allows trading of EOS, Ethereum, and NEO tokens. Switcheo’s goal is to achieve a DEX network with cross-chain swapping capabilities across multiple blockchains, with a focus on delivering a world-class trading experience in a fully trustless and decentralized environment.
For more information, visit switcheo.exchange