Binance Launches Decentralized Exchange Binance DEX

Binance Launches Decentralized Exchange Binance DEX

Dec 6th 2018| Investment By:Moon
Binance’s future role will extend from the exchange to more community based.

Changpeng “CZ” Zhao, CEO of Binance indicates that the company will launch its own “Binance Chain” in the coming months at the Forbes Asia's “Decrypting Blockchain for Business” event.

“Binance Chain” aims to provide infrastructure services for users at creating new cryptocurrencies and initial coin offering (ICO). Through the exchange’s own blockchain, “millions of projects can easily issue tokens” says CZ. He further reveals at the Forbe’s event that the plan actually represents an old version of the crypto world, to improve the implementation of cryptocurrency world-wide. 

News of Binance launching the “Binance Chain” was released in March, as the exchange indicated the best way to promote blockchain industry is to support high-quality projects.

Another announcement was released by CZ on the company’s plan to roll out a decentralized exchange “Binance DEX”. The new exchange platform is dedicated to eliminate intermediate service provider and use Binance Coin (BNB) as operation gas for DEX.

From the current market status, decentralized exchange platform is still at an early developing stage. Existing decentralized trading platform faces major challenges with transaction speed and stability. Binance reveals that Binance DEX has significant improvement at operation capability, application interface and user experience, very similar to the existing Binance cryptocurrency exchange. DEX aims to provide “low latency, high throughput trading, as well as decentralized custody of funds.”

Prior, Binance indicates that both centralized and decentralized exchange will coexist in the future, and Binance will work toward building a decentralized exchange as its future role will extend from the exchange to more community based.