The world’s largest crypto exchange Binance finally launched its much anticipated decentralized cryptocurrency exchange (DEX) powered by its own blockchain, Binance Chain.
The world’s largest crypto exchange Binance by trading volume In a press release dated February 20th stated that the Binance DEX testnet is already available for customers who are interested in using it. The testnet is being hosted on the Binance Chain, a peer-to-peer distributed blockchain system.
Before now, Zhao has claimed that Binance Chain is able to achieve one-second block times, reportedly 10-20 times faster than the Bitcoin and Ethereum blockchains. At the moment, users can create their own wallets and interact with the trading platform’s interface.
“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 Binance CEO Changpeng Zhao. “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 personal assets.”
Binance’s Trust Wallet will also be integrated with Binance DEX, along with the Ledger Nano S. More compatible wallets will purportedly be added soon. Meanwhile, BNB, the ERC20-based token launched by the exchange, will be migrated to Binance Chain upon its final launch.