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Binance USD is coming to Dapper Labs’ Flow blockchain

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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.’



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Blockchain identity market to grow $3.58B by 2025, report claims

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A new report on the potential for blockchain identity management solutions to become integrated across sectors has forecast strong growth for its global market, at a compound annual rate of close to 71%.

The report grounds its predictions on a study broken down into segments: by sector – e.g., government, healthcare, banking, financial services and insurance (BFSI) – geography, and applications. It was published by the Lyon-headquartered market research solution provider ReportLinker. 

Drawing on an analysis of several existing blockchain identity management market vendors – Accenture, Amazon, Bitfury Group, Civic Technologies, and others – the report expects the total global market to grow by $3.58 billion between 2021 and 2025.

Related: The future of DeFi is spread across multiple blockchains

The study’s baseline assumption is that the market for blockchain identity management will continue to expand as the proliferation of online and cloud services and digitalization more broadly continue apace. As Cointelegraph has previously reported, the demand for more efficient, decentralized and privacy-respecting identity solutions has arisen in a vast array of diverse sectors, from public services to logistical and supply chain networks, and all the way down to consumer wearables and other smart devices.

With increasing digitalization, a form of secure identity verification to access basic services – both public and private – online is quickly becoming an inescapable requirement; some have gone so far as to argue that privacy-preserving digital identity needs to be recognized as a basic right for all.

In tandem, with the global user base of social media networks now exceeding the 3.8 billion mark, some advocates have argued that blockchain offers the only adequate, equitable identity solution that can protect these users from threats such as data theft and privacy abuses. 

Earlier this month, Ethereum co-founder and lead developer Vitalik Buterin pitched his vision of the future of the Ethereum network across a range of non-financial applications, singling out areas that included both decentralized social media and identity verification and attestation.