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TrustED, an Adelaide-based academic credential verification startup, has entered into an agreement with leading cryptocurrency exchange Binance to utilize Binance Chain.
Binance Chain, Binance’s public blockchain platform, was launched in April following the public testnet phase which commenced in February 2019.
Founded in 2017, TrustEd aims to offer technology and training to educators to help them store, issue, and verify academic credentials such as diplomas and certificates using blockchain technology. The objective is to digitize credentials and thwart the creation and issuance of fraudulent and falsified documents.
While the startup initially intended to utilize the Ethereum blockchain for its application use case, it has announced that it will use Binance Chain to realize its goal. With this, it has become one of the first startups to use Binance’s blockchain platform.
TrustEd noted that with one second block times and near-instant confirmation of transactions, Binance Chain is “poised to be a revolutionary stepping stone in the bid to bring cryptocurrencies and blockchain technology to the masses.”
"Being one of the first projects on Binance Chain is not only an honor but also a massive stepping stone for the TrustED project. With Binance technology behind us, TrustED can deliver on SLAs and security requirements necessary to make a blockchain-based academic solution enterprise-grade,” Kosta Batzavalis, TrustED CEO, said.
According to the official release, TrustED will be among the very first tokens to be launched on Binance Chain. TrustEd also plans to conduct a public token offering for its fundraising and community building efforts, which would be the first Initial Token Offering to take place with the native Binance Chain BEP2 Token standard.
"Binance Chain and the introduction of the Binance DEX enables thousands of crypto tokens and companies to utilize the technology in an efficient and effective manner,” Ted Lin, Chief Growth Officer at Binance stated. “We're excited to have TrustED be one of the first startups to utilize Binance Chain and look forward to the growth that is to come in further bringing cryptocurrency mainstream."
Last week, Verasity, a digital currency for online video players, also partnered Binance Chain as part of its efforts to bring about a new incentivised video economy.
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