Binance Card Enters Beta Testing as BUSD Joins Zilliqa

By July 11, 2020Ethereum
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Binance, one of the world’s leading exchanges, has been working on the launch of its debit card after the acquisition of Swipe and has now showcased its first use.

In addition to the developments on the launch of the card, Binance’s Stablecoin BUSD will also be added to the Zilliqa network, with the 2 moves benefiting the users of both platforms alike.

The exchange is constantly expanding its features and benefits for its users which you can take advantage of them by joining Binance. Make sure to click here if you want to take your trading to a new level.

Binance is Allowing Users to go 100% Crypto

In a tweet published on July the 10th from Binance’s CEO, Changpeng Zhao, shared a screenshot showing transactions completed as part of the beta testing of the card, with payments to Audible, Swipe, Lazada, and Grab, being successfully paid using BNB from his crypto wallet.

The use of the card enables users to pay for products and services with their crypto balance while merchants receive the payment in fiat currency, making it usable in any daily life scenario and encouraging the adoption of cryptocurrencies.

Mr. Zhao finished his tweet stating: “I think I can finally go from 99% to 100% crypto”, which are surely words that most crypto enthusiasts would like to say themselves.

Binance’s Stablecoin is Coming to Zilliqa

Zilliqa announced via a blog post on July 10th its new partnership with Switcheo to add ERC20-BUSD, Binance’s stablecoin, to its network.

BUSD is a USD-pegged stablecoin created by Binance to provide users with an altcoin that suffers less volatility than other cryptocurrencies.

BUSD is also regulated by the New York State Department of Financial Services (NYDFS) and was created in collaboration with Paxos Trust Company.

Creating a Bridge Between Ethereum and Zilliqa

The bridge that will be created as a result will allow for the tokens to move from one network to the other, with the tokens being converted to ZRC-2 tokens that will benefit from the low transaction fees and speed that Zilliqa offer.

The transfer will be allowed by locking Ethereum’s BUSD tokens and creating a Zilliqa BUSD tokens (zBUSD) in the Zilliqa network.

If users want to transfer their zBUSD back to the Ethereum network, burning them will result in the tokens in Ethereum being released from the smart contract.

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