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Binance exchange adopts syscoin-ethereum bridge to transfer BUSD assets

By Inkarias - 2020-07-25

The well-known major cryptocurrency exchange Binance announced yesterday its plan to use a bridge between the Syscoin and Ethereum blockchains in order to move its Binance USD stablecoin , namely BUSD, between them in a simple way. The ethereum bridge developed by Blockchain Foundry, the main entity Syscoin will allow BUSD holders to move their tokens safely between the Ethereum and Syscoin blockchains. Syscoin was initially described in a 2014 draft whitepaper that envisioned Decentralized Marketplace Creation, Decentralized Smart Contracts and Documents, Decentralized Certificate Issuance and Transfer, and Decentralized Data Storage and Retrieval, as among the services that it would offer upon its release. Today, Syscoin is a strong actor of the field of crypto currencies and offers to the community a solid network allowing to transfer assets in a matter of seconds at the lowest fees.
As Binance announced a bit earlier:
“Users can take advantage of Syscoin’s fast, scalable and low-cost transactions while also preserving the ability to leverage Ethereum’s smart contract functionality. Also help provide more use cases for BUSD holding users.”

Ethereum’s increasing fees

Yesterday, Ethereum co-founder Vitalik Buterin commented on the ongoing problem and warned that rising transaction fees could undermine the overall security of the network. Jagdeep Sidhu, Syscoin co-founder and lead core developer, also shared that he believes stablecoins will increasingly be used as a quick way to transfer value across blockchains in the future. Looking to that direction, Sidhu also said that Syscoin is also “exploring opportunities to integrate with other blockchains” and specific discussions on the matter are already underway:
“Ethereum was an obvious first choice due to its nature as a proven smart contract platform and the pressing need for the benefits Syscoin can provide its network, including scalability. Future integrations will be carefully chosen according to the utility value they add to the ecosystem and how they can benefit adopters such as Binance.”