Binance Announces Proprietary Binance Chain And Binance DEX Update

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Binance, currently the largest cryptocurrency exchange in the world by trading volume, has revealed that it will be launching its own blockchain called “Binance Chain.”

Noting that the launch will happen in the “coming months,” the exchange tweeted that it continues to push for blockchain adoption and advancement.

As such, the Binance Chain platform is designed to make it easy for anyone wishing to create a new cryptocurrency or hold an initial coin offering (ICO).

As per its December 4 tweet, the exchange said in part:

“We will have the Binance chain ready in the coming months, on which millions of projects can easily issue tokens.”

Binance announced these plans in Singapore during an event on blockchain hosted by Forbes Asia. The private event featured some of the wealthiest and most influential people in Asia, including Binance CEO Changpeng Zhao.

During the invite-only event called “Decrypting Blockchain for Business,” the Binance chief executive told Forbes about his exchange’s plans and what he thought needed to be done to aid in the mainstream adoption of crypto.

CZ, as he is fondly known in the crypto circles, emphasized that despite plans for a blockchain platform, their vision was still in line with the older vision of cryptocurrency, which is to see the use of crypto payment on the global scale.

Zhao acknowledged that fundamentally, the idea was to help “payment adoption increase.” However, that has not happened for some reason, the Binance founder said, and that is why his company continues to push “really hard into that space.”

According to CZ,  there will likely be ‘millions’ of cryptocurrencies and “thousands of blockchains” in the crypto market.

Like every other crypto related business, Binance has felt the weight of the meltdown in crypto prices over most of 2018. The leading exchange by trading volume has seen its market dominance drop as volumes dropped and competition increases. Industry volumes are nonetheless significantly higher when compared to last year.

The Binance founder emphasized in early November that the exchange’s business operations were “very stable,” despite their current trading volumes being just 10 percent of what the exchange handled at the beginning of the year.

However, compared to the previous two or three years, Binance’s trading volumes were much higher and that the exchange was “still profitable,” Changpeng Zhao said.

Binance releases progress report on Binance DEX

Expansion efforts continue though and the exchange just released a preview of its Binance DEX, a decentralized cryptocurrency exchange.

Binance also successfully launched its first ever fiat-to-crypto exchange, with the Uganda-based platform allowing users access to BTC and ETH using the local Ugandan shilling (UGX).

The release of the video has seen Binance Coin (BNB) gain more than 9.17 percent against the U.S dollar at the time of the news.

Currently trading at $5.94 against USD, XBT.net also shows that BCN has gained by over 13 percent on both BTC and ETH when the news was released. The 13th ranked crypto has also gained by 15 percent in the last seven days, the best performing coin in the top 20 coins on XBT.net.

(Source: Binance)


Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.

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