Backed by industry leaders including Binance and Paxos, the introduction of BUSD onto Flow will unlock secure and consumer-friendly DeFi primitives covering derivatives, collateralized loans, P2P credit systems, insurance products, and more for billions of people.
New York, September 17, 2020 – Binance, the global blockchain company behind the world’s largest digital asset exchange by trading volume and users, announced today the agreement to support BUSD stablecoin on Flow, the blockchain developed by Dapper Labs, the company behind CryptoKitties and NBA Top Shot. This is an important step for all Flow ecosystem builders, who are propelling the next wave of digital revolution.
Backed by industry leaders including Binance and Paxos, the introduction of BUSD on Flow will unlock entirely new ways of building secure DeFi primitives, untapped NFT use-cases, and global marketplaces. Flow is uniquely geared to become the building block for the next generation of decentralized consumer applications, enabling developers to deliver rich digital experiences powered by blockchain technology. With BUSD on Flow, the breadth of these experiences expands significantly.
The details of the partnership include:
- BUSD stablecoin will soon be available on the Flow blockchain
- Any third party or ecosystem builder on Flow will be able to integrate the stablecoin in their dapps in a permissionless way
"We believe decentralized entertainment and games will play a leading role in accelerating crypto adoption. Our partnership with Flow and Dapper's track record will bring BUSD into the hands of millions of consumers. We will not stop innovating as we look to build the fintech infrastructure for tomorrow," said Binance Chief Compliance Officer Samuel Lim.
Flow is the only layer one blockchain built by a team that both understands the importance of reducing complexity for ecosystem developers and possesses proven expertise in eliminating on-boarding friction for mainstream users. Because of this, leading global companies like Ubisoft, Warner Music Group, and Animoca, along with brands like Dr.Seuss, the UFC and the NBA have partnered with Dapper Labs and Flow to deliver blockchain-enabled applications to billions of people.
“At Dapper, we believe that having a stable, trusted currency that users can easily access, understand, and trust, is paramount to adoption.” said Mik Naayem, Chief Business Officer at Dapper Labs. ”By partnering with Binance and the BUSD team we are one important step closer to create the infrastructure needed to power decentralized applications with mainstream aspirations.”
BUSD stablecoin is:
- Regulated: for customer protection, BUSD is fully regulated by the New York State Department of Financial Services
- Backed: every BUSD token is backed 1:1 with US Dollars
- Audited: monthly audits make sure the BUSD and USD supplies match
The highly-regulated and secure nature of BUSD bolsters Flow’s consumer-friendly attribute by enabling a richer ecosystem while unlocking new opportunities in DeFi that would otherwise be out of reach for mainstream users. New DeFi applications covering derivatives, collateralized loans, P2P credit systems, insurance products, and more will start to flourish on Flow.
About Dapper Labs
Dapper Labs is the company behind CryptoKitties and the Flow blockchain as well as upcoming titles like NBA Top Shot. Founded in 2018, Dapper Labs uses blockchain technology to bring new forms of digital engagement to fans around the world. Blockchain-enabled applications can bring fans closer with the brands they love, give people a real stake in the communities they contribute to, and create new ways for consumers to become creators themselves. Publicly-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 United States Dollar (USD). Approved by the New York State Financial Services (NYDFS) and issued in partnership with Paxos, BUSD is available for purchase and redemption at a rate of 1 BUSD to 1 USD.