Blockchain Foundry and Binance Establish Partnership to Issue BUSD Stablecoin on the Syscoin Network
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TORONTO, July 23, 2020 (GLOBE NEWSWIRE) — Blockchain Foundry Inc. (“BCF” or the “Company”) (CSE:BCFN), a leading North American blockchain development firm, is pleased to announce that it is partnering with Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, to release BUSD, a stablecoin issued by Binance and Paxos, on the Syscoin network.
BUSD is an ERC-20 token on the Ethereum network that is pegged 1:1 to the value of USD. BCF will use its Syscoin Ethereum bridge technology to create a Syscoin Platform Token (“SPT”) which will be fungible with BUSD and will allow BUSD users to take advantage of Syscoin’s fast, scalable and low-cost transactions while also preserving the ability to leverage Ethereum’s smart contract functionality.
This collaboration will also explore the potential to bridge Syscoin, and other blockchains, to Binance Smart Chain (“BSC”) in support of BUSD and other Binance chain tokens. Additionally, BCF will explore a potential Bridge as a Service (“BaaS”) product which will further enhance the existing Decentralized Finance (“DeFi”) offering with near-instant cross-chain bridging and simplified SDKs for wider adoption.
The outcome of these initiatives is to determine if and how Syscoin could be used by BUSD to provide improved security, scalability, and cost-efficiency benefits.
“Stablecoins are increasing in popularity and, as one of the market leaders 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,” said Samuel Lim, Binance’s Chief Compliance Officer.
The third-party blockchain auditing firm, Whiteblock Inc., has tested the scalability of Syscoin’s Z-DAG scaling technology. The audit report shows that Syscoin’s network can provide a burst capacity of 60K TPS (transactions per second) and a peak of 140K TPS. For more information on Z-DAG and the Whiteblock audit please refer to BCF’s press releases dated May 8, 2019 and May 22, 2019.
Blockchain Foundry recently launched the Syscoin Ethereum bridge, a DeFi application. The bridge enables ERC-20 tokens to move back and forth between the Syscoin and Ethereum blockchains. Powered by a series of Ethereum smart contracts and Simple Payment Verification (“SPV”), the bridge is trust-minimized, does not require the use of counterparties, and has no liquidity limitations. For more information on the Syscoin Ethereum bridge please refer to BCF’s press release dated January 29, 2020.
“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 and other ERC-20 projects,” said Dan Wasyluk, CEO of Blockchain Foundry.
Stablecoins are a growing source of network congestion on the Ethereum network today. This congestion creates expensive transaction fees and slow settlement times. By leveraging blockchain interoperability bridges, ERC-20 stablecoin projects can substantially reduce transaction costs and improve speed.
In a cost comparison between Ethereum and Syscoin transaction fees, ERC-20 projects can save their users thousands of dollars by reducing costs with the Syscoin blockchain. Blockchain Foundry will work with Binance to explore ways of bringing Syscoin’s cost-savings and many more features to BUSD users.
Syscoin, launched in 2014, is a merge-mined blockchain backed by Bitcoin’s security model and a large percentage of its hash rate. Syscoin features Blockchain Foundry’s patent-pending technology ZDAG (Zero Confirmation Directed Acyclic Graph). Z-DAG provides settlement times in less than 10 seconds with low fees, even as blocks become full.
About Blockchain Foundry Inc.
Blockchain Foundry Inc. (CSE:BCFN) is a global blockchain consulting and development firm. The company specializes in blockchain solutions and smart contracts for enterprise clients. Blockchain Foundry also develops and commercializes decentralized ledger technology like Syscoin.
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
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Certain portions of this press release contain “forward-looking information” within the meaning of applicable Canadian securities legislation, which is also referred to as “forward-looking statements”, which may not be based on historical fact. Wherever possible, words such as “will”, “plans,” “expects,” “targets,” “continues”, “estimates,” “scheduled,” “anticipates,” “believes,” “intends,” “may,” “could,” “would” or might, and the negative of such expressions or statements that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved, have been used to identify forward-looking information.
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