Binance Enters Partnership with Elrond to Integrate Stablecoin BUSD on Elrond Blockchain


• Elrond claims to have more usability,
efficiency, and higher security at negligible cost.
• The Elrond mainnet will launch the BUSD as the first available stable coin.
Global Crypto Exchange Binance has
announced a collaboration with Elrond Network which will integrate its USD -
pegged stablecoin BUSD on the Elrond blockchain network.
The agreement is considered as Binance’s
strategy to leverage emerging networks like Elrond to accelerate the number of
BUSD holders and application listings.
How Elrond and Binance Association will
work?
By entering into this partnership, BUSD
will adopt the ‘Standard Digital Token Model’ of Elrond that will scale-up the
rate of transactions per second at a lower cost and will address other
infrastructure challenges as well. Emerging networks like Elrond will attract
millions of Binance users by offering the stablecoin BUSD.
The high processing capacity of the Elrond
network will escalate the efficiency and speed of the BUSD transactions and
will cut down the transactional charges significantly. As per Elrond, its
blockchain with state- sharded mechanism will enable 1000X improvement over the
existing blockchain.
The Elrond Mainnet Launch
The mainnet of Elrond will soon be launched
introducing the $BUSD as the first available stablecoin on its network.
Developers have been offered to initiate for developing apps with dedicated IDE
and smart contracts for which they can get back 30% royalties on implementing
DeFi use cases.
Binance USD (BUSD)
Even in the economic crisis that is looming
over the world, Stable coins are emerging as a safe investment option in recent
times. In 2020, the trend of stablecoin booming is three times more than in
2019 reaching 100 billion transactions so far. But the slow rate of
transactions, heavy transfer cost, long period for confirmation of transactions
are some of the challenges that decapitate this growth.
Binance USD (BUSD) is the Ethereum- based
USD – denominated stable coin that is exclusively traded on the Binance
exchange. BUSD is among the fastest-growing stable coins in the crypto industry
with around $200 million circulating supply. It was issued by Paxos in
partnership with Binance in 2019. Since issuance, it deposits more than 100
million that is almost equivalent to Paxos.
Disclosing about the partnership, Samuel
Lim, Binance Chief Compliance Officer commented:
“We have been seeing a steady increase in
the number of BUSD holders, exchange listings, DeFi offerings, and real-world
applications. We believe BUSD will continue to surge in popularity given the
strength of Binance’s ecosystem.”
Beniamin Mincu, CEO of Elrond shared this
news on Twitter:
https://twitter.com/beniaminmincu/status/1253679197786116096?s=20
While commenting on this venture, he said,
“Given that the Elrond launch is so close, the immediate availability of the
Binance $BUSD, will put the high-performance capability of our network to great
use. This collaboration marks an important step in our focus to significantly
improve current blockchain use cases, and enable new ones as soon as Elrond
good live.”
More about Binance
Binance was founded by Changpeng Zhao in
2017. It is a top global blockchain company that owns the largest crypto
current Exchange Binance in terms of the trading volume.
More about Elrond
Elrond is a smart contract platform with state-of-the-art blockchain architecture. It is highly scalable with enormous speed (10,000 transactions/second), also highly secured, and available at low-cost for DApps, and all types of business use cases.
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Jayashree Ingle
CBW - External Analyst
INDIA