There are always interesting partnerships being formed in the crypto space. The recent one has been made between Fantom and Binance Chain. The collaboration was officially announced by the Fantom Foundation on 22nd May through Twitter, details of which were shared via the firm’s official blog post on Medium.
We are pleased to announce that we are joining the Binance chain family! We're extremely excited to share that we'll be collaborating to create a multi asset cross chain ecosystem!
— Fantom Foundation (@FantomFDN) May 22, 2019
With the collaboration, Fantom intends to build an ecosystem that is cross-chain and multi-asset. Both the organizations have also set their eyes on enhancing the interoperability in the digital currency ecosystem for the benefit of the entire industry. Connecting all the industry players to create a stronger digital economy is also one of the goals behind this alliance.
The cross chain and multi-asset ecosystem will extend its support to a number of tokens which includes ERC-20 token standards, BEP-20 standard tokens, as well as the native Fantom tokens.
Fantom’s official post also revealed reasons why the firm chose Binance Chain to partner with for their project. The primary reason was the increasing number of projects shifting on to Binance Chain. This encouraged Fantom to do the same so that the other bigger projects could also utilize from its valued contributions on the platform. Fantom also pointed out that while Binance on one end has the most powerful centralized exchange as well as liquidity, it has a decentralized ecosystem on another to lend the perfect balance.
The first DAG based smart contract platform in the world, Fantom, stated that Binance exchange is one of the few decentralized exchanges that are immensely user-friendly. Hence, they wanted to allow their users the opportunity to trade and transact their FTMs while possessing control over their tokens.
Apart from that, Fantom also included Binance CEO Changpeng Zhao’s quote in their post. CZ said that users can store their own coins, fight hackers on their own, and protect their wallets themselves. However, they can also choose a reputed exchange and store their tokens on its secure platform. Or, they could also move to a DEX and start disrupting themselves.
Fantom also shared insights on its road ahead from now. The company wants to concentrate on its ecosystem’s interoperability in May & June. The company’s DCRM collaboration with Fusion and the association with Binance Chain is just the beginning of it.
It must be noted here that Binance, the largest crypto exchange in the world, has just bounced back from a recent massive hack. This new partnership is only indicating that the platform has it all to continue dominating the market.