Binance, the largest global cryptocurrency exchange by trading volume, released today a Testnet for Binance Decentralized Exchange (DEX), a decentralized order-matching engine launched on its own Blockchain called the Binance Chain.
As per Binance, it is a new blockchain and peer-to-peer distributed system, Binance DEX allows for the exchange of digital assets that are issued and listed on the DEX. Matching happens within the blockchain nodes and all transactions are recorded on-chain, forming a complete, auditable ledger of activity.
“Binance DEX is a decentralized exchange with a decentralized network of nodes, where you hold your own private keys and manage your own wallet,” said Changpeng Zhao (CZ), CEO of Binance. “With Binance DEX, we provide a different balance of security, freedom and ease-of-use, where you take more responsibility and are in more control of your assets.”
Binance Coin (BNB), currently an ERC20 token, will be migrated to Binance Chain to become the native asset. Traders will be able to issue, send and receive new tokens on the blockchain, and also propose new trading pairs to list.
Cz further elaborates:
“Binance Chain has near-instant transaction finality, with one-second block times. This is faster than other blockchains today, With the core Binance Chain technology, Binance DEX can handle the same trading volume as Binance.com is handling today. This solves the issues many other decentralized exchanges face with speed and power.”
The Malta-based company has also released a Blockchain explorer where users will be able to see the transaction history and participate as individual nodes and hold their own private keys.
Binance DEX will support proven secure and decentralized software and hardware wallets. Binance’s Trust Wallet is fully integrated with Binance DEX, as well as the Ledger Nano S, with more wallets supported over time.
Launching a DEX was in the roadmap of Binance, we recently reported about the CEO hinting at the public beta launch. Binance has started several initiatives including Binance Charity, Launchpad, Education and is aggressively expanding in countries like Jersey and Uganda to facilitate fiat on ramping. It is safe to assume that the exchange will not stop adding even more fiat on ramps this year.
The BNB token has done exceptionally well compared to other Cryptocurrencies in the bear market. It is in the top 10 list of Cryptocurrencies on coinmarketcap, amidst the launch of the DEX it increased over 15% in value over the past 24 hours and is currently valued at $11.1.
Image Source: Coinmarketcap
Image Source: Binance
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