- BUSD stablecoin backed by Binance will be added to Dapper Lab’s Flow blockchain.
- Dapper Labs is the team that developed non-fungible token (NFT) powered games CryptoKitties and NBA TopShot.
Binance is once again building on decentralized finance (DeFi) as CryptoKitties developer, Dapper Labs, announces Binance-backed stablecoin, BUSD integration for developers to build on the Flow Blockchain.
We want to welcome @binance to the Flow ecosystem
Their support with BUSD stablecoin will be a vital component in unlocking a truly rich experience and empowering all NFT projects building on Flow
Another big milestone to reach next billion people https://t.co/WaiKzdWm1v
— Flow Blockchain (@flow_blockchain) September 17, 2020
In a release on Sept 17, Binance confirmed the integration allowing the development of permissionless apps using the BUSD stablecoin. This also opens a gateway for developers building DeFi products on Flow Blockchain to integrate BUSD.
The partnership between Dapper Labs and the world’s largest crypto exchange aims to play a “leading role in accelerating crypto adoption”, 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.”
This is the second major stablecoin that Dapper Labs has partnered within a week. Just days ago, Dapper revealed that they added rival USD Coin (USDC) stablecoin to settle debit and credit card payments for purchases made on Flow. This is an important step for all flow ecosystem builders propelling the digital revolution as it will allow developers to have permissionless integrate BUSD in their decentralized applications (DApps).
Flow is geared to become the building block for the next generation of decentralized consumer applications. Dapper Labs is mainly associated with the development of blockchain-based games and entertainment – famously known for the non-fungible token (NFT)-powered CryptoKitties and NBA TopShot.
The firm’s release calls out such possibilities as derivatives, collateralized loans, and insurance products. Samuel Lim stated that he believes that decentralized entertainment and games will greatly accelerate crypto adoption. Flow blockchain aims at reducing complexity in the blockchain ecosystem and ease transactions in the surging DeFi market as well. Lim hopes that the partnership with Flow will attract is the gateway to onboarding millions of global customers to DeFi.
Dapper has secured partnerships with a number of global entertainment firms. Some of these firms include Warner Music Group, Ubisoft, the Ultimate Fighting Championship, and Dr. Seuss. The Chief Business Officer for Dapper Labs, Mik Nayeem, stated that he believes having a stable, trusted currency easily accessed, understood, and trusted is paramount to adoption.
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