Blockchain Foundry, a Canadian blockchain development company has reportedly announced its partnership with Binance, one of the leading blockchain and cryptocurrency infrastructure offering company. With this partnership, Blockchain Foundry plans to launch BUSD, a stablecoin issued by Paxos and Binance, on the Syscoin network.
The company would use the Syscoin Ethereum bridge technology to make an SPT (Syscoin Platform Token) which would be compatible with BUSD and would enable its users to take benefits from Syscoin’s scalable, fast, and low-cost transactions. By doing so, users can preserve the ability to use Ethereum’s smart contract functionality.
In addition, the partnership would expand the ability to bridge Syscoin as well as other Blockchains to BSC (Binance Smart Chain) in support of BUSD and other chain tokens of Binance. BCF would also explore a possible BaaS (Bridge as a Service) product that would further improve the current DeFi (Decentralized Finance) offering with simplified SDKs and instant cross-chain bridging for greater adoption.
Samuel Lim, Chief Compliance Officer at Binance, stated that the popularity of stablecoins is increasing, and since the company is among the industry leaders, it continues to seek for ways to improve BUSD and enhance its public adoption. This collaboration with Blockchain Foundry would allow the use of BUSD on the Syscoin platform as well as the Syscoin Ethereum bridge.
Dan Wasyluk, CEO of Blockchain Foundry, stated that the Syscoin Ethereum bridge was developed particularly to help in providing Syscoin’s benefits of scalable, fast, and low-cost transactions to tokens over other blockchain platforms.
Wasyluk added that the company is thrilled to collaborate with Binance to evaluate the platform advantages and cost efficiency this technology would bring to BUSD as well as other ERC-20 projects.
Reports claim that the results of these initiatives are to understand if and how Syscoin would be utilized by BUSD to offer enhanced scalability, security, and other cost savings.