Binance, one of the largest cryptocurrency exchanges in the market, has announced that it is launching the Binance Decentralized Exchange (DEX) on its own blockchain. Now, the firm is inviting new projects to start running on the native blockchain. Binance Coin (BNB) reacted positively to the announcement.
Binance Launches its DEX on its Blockchain
Binance continues to expand its services and products in the market. 2019 started in a very positive way for the exchange. They have launched the Binance blockchain a few days ago and now they have announced the launching of their decentralized exchange.
On the matter, the CEO of Binance, Changpeng Zhao, commented:
“We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem.”
Decentralized exchanges are more secure than centralized platforms. They allow users to keep custody of their assets rather than giving them to a third party to take care of them. On DEX, users have control over their private keys, which ultimately means that they really control their digital assets. If a centralized exchange is hacked, users can eventually lose their funds, as it happened several times in the past.
Although centralized exchanges are safer than traditional platforms and they provide more security to users, they have many challenges to face and several things to improve. For example, these DEX tend to have a very weak user interface and they do have some issues with their speed and usability.
The launch of the Binance DEX comes after a two-month testnet period. There have been 8.5 million transactions processed by the platform during this time. At the moment there are several wallets supported on Binance Chain such as Trust Wallet, Ledger, Enjin, Magnunm Wallet, CoolWallet, Coinomi Wallet, Atomic Wallet, ZelCore Wallet, Infinito Wallet, math Wallet, Ellipal Wallet, and Exodus, among others.
Moreover, users will have access to the Binance Chain Explorer, web wallet, public data nodes and also APIs.
Currently, Binance Coin is being traded around $23.78 after reaching new highs a few days ago. The digital currency is the 7th largest in the market and has a market capitalization of $3.36 billion.