Binance Releases Decentralized Exchange (Beta Version)

Binance, the leading cryptocurrency exchange in terms of trading volume released a demo of its decentralized exchange yesterday, August 9.

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Binance, the leading cryptocurrency exchange in terms of trading volume released a demo of its decentralized exchange yesterday, August 9.

The exchange, however, calmed expectations, stating that it is not expecting much at the moment.

CEO Zhao presents the beta version

The CEO of cryptocurrency trading platform Binance Changpeng Zhao made this announcement yesterday in a Twitter post.

He made the announcement in a six-minute video as he presented a casual, early, pre-offer demo of the decentralized exchange (DEX).

He, however, cautioned customers not to expect much at the moment, adding that the DEX doesn’t have a graphical user interface yet.

He stated that “A first (rough, pre-alpha) demo of the Binance Decentralized Exchange (DEX), showing issuing, listing, and trading of tokens. All cli based, no GUI yet. A small step for #BinanceChain, a big step for Binance.”

Zhao goes on to show the three essential features of the planned exchange, and they are; the creation, listing and the trading of tokens.

It is still unclear when Binance Chain will be launched, thus no one knows when it will be marketed and what trading volume it would be able to handle.

Back in May, Binance revealed that Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets.

The exchange added that Binance Chain will focus on performance, ease-of-use, and liquidity. Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet, becoming a native coin.

At the same time, Binance will transition from being a company to a community.

DEX becoming popular

The cryptocurrency community is warming up to the idea of decentralized exchanges as they are considered more secure than their centralized counterparts.

The centralized exchanges have a long history of vulnerability to hacks, something that decentralized exchanges are protected from.

Decentralized platforms are set up in a manner that enables users to retain ownership of their coins using private keys. According to reports, this solution prevents cryptocurrencies from being accumulated in one centralized account or point of attack.

Acquisition of Trust Wallet

A few days ago, Binance acquired Trust Wallet, an open source, anonymous, and decentralized wallet which is known for supporting Ethereum and the numerous ERC-20 tokens.

Zhao stated that the exchange is looking to make Trust Wallet a default wallet on its decentralized exchange.

Binance has joined the growing list of cryptocurrency companies that are moving their operations to Malta. The Island has become a hot spot for cryptocurrency companies due to its crypto-friendly regulations.

Just last month, Binance supported plans to create a blockchain-based bank with tokenized ownership dubbed Founders Bank. According to reports, this bank will be owned by digital token investors and be based in Malta.

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