- Binance Chain has announced a partnership with the Fantom Foundation
- This in a bid to boost interoperability and transparency in the industry
As one of the most powerful companies in the blockchain space, Binance has collaborated with many firms and has had many recent developments such as bouncing back from a hack and launching a semi-decentralized exchange. This has gone a long way in helping them maintain their dominance within the industry and they do not show any signs of stopping soon.
The latest of this was announced on May 22, by a Medium post in which it was revealed that Binance Chain has formed a partnership with the Fantom Foundation in order to improve interoperability in the wider cryptocurrency ecosystem. This will be done via the creation of a multi-asset and cross chain ecosystem which will support a multitude of tokens such as ERC-20 standard, the native Fantom token standard, and the BEP-20 standard token.
Binance Chain growing quickly
In the post, the Fantom Foundation went into some detail about why they chose to work with the largest exchange out of all the firms within the space. According to them, Binance Chain is seeing an increase in the number of projects moving onto their platform and they wish to also take part of that this so that these projects may gain added value from their contribution. It was also noted that it has the strongest centralized exchange and liquidity on one end as well as a decentralized ecosystem and as such, there was no firm that would make better partner.
It was also mentioned that Binance DEX is one of the most user-friendly decentralized exchanges and as such, would offer users easy transactions while ensuring some level of control and custody of their own tokens.
The importance of holding your own keys
A quote from Changpeng Zhao, the CEO of Binance, was mentioned in the post in which he advocated that users could store their tokens by themselves, fight hackers by themselves and guard their wallets by themselves. Or, he stated, they could move to DEX and disrupt themselves. This principle forms the backbone of this partnership between Binance and Fantom Foundation
In April of this year, the Fantom Foundation began to shift its focus towards improving transparency and they credited Binance info for granting them a V-label project in their push towards advocating for industry-wide transparency. In May and June, they state that they will focus on the interoperability aspect of their ecosystem which will kick off with their DCRM partnership with Fusion and their partnership Binance Chain.