Binance USD is coming to Dapper Labs’ Flow blockchain
The U.S. dollar stablecoin of top crypto exchange Binance, BUSD, has become the latest stable token to announce it will launch on Dapper Labs’ Flow blockchain.
The news comes just days after the platform added the rival USD Coin (USDC) stablecoin.
Dapper Labs, the team behind pioneering non-fungible token (NFT)-powered games CryptoKitties and NBA TopShot, began working on Flow to address the scaling issues with Ethereum (ETH) that CryptoKitties starkly exposed after launching in late 2017.
The new partnership will allow developers building on Flow to permissionlessly integrate BUSD into their decentralized applications (DApps), with the firms asserting that BUSD will open the door to developers looking to build stablecoin-powered decentralized finance (DeFi) applications on Flow. Binance’s chief compliance officer, Samuel Lim, stated:
“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.”
With Dapper having inked partnerships with top global entertainment firms including Warner Music Group, Ubisoft, the Ultimate Fighting Championship, and Dr. Seuss, the Flow blockchain is showing promise for consumer-scale products and applications.
Dapper Labs’ NBA Top Shot, the first game and DApp to launch on Flow, has driven more than $2 million revenue from the sale of collectible NFTs since launching in beta in June. The game allows players to collect and interact with multi-media ‘moments’ depicting key events in NBA history, and trade them on Top Shot’s marketplace.
Earlier this week, Dapper also partnered with financial services company Circle to bring USD Coin (USDC) to Flow as a settlement solution. Top Shot will be the first Flow Dapp to integrate USC, which will be used to finalize credit and debit card payments for the game.
In April, Dapper announced it had entered into a technology-sharing agreement with Facebook’s Libra. Dapper will access Libra’s virtual machine, while Libra will have the opportunity to use Dapper’s smart contract programming language ‘Cadence.’