Binance To Launch Decentralized Exchange, Unveils Demo

Changpeng Zhao, the CEO of cryptocurrency trading platform Binance announced plans to launch a demo of the platform’s decentralized exchange. The announcement was made through a tweet sometime last week.

In a six-minute video connected to the tweet, Zhao exhibited a “casual, early, pre-offer” demo of the decentralized exchange. The CEO said not “to expect too much” at the moment including that it does not have a graphical UI:

Zhao indicated three fundamental features of the planned exchange, those being the creation, listing, and trading of tokens. As Zhao did not reveal the launch date, it is still unknown when the exchange will be advertised and what volumes it will be able to deal with.

Decentralized exchanges are commended as more secure than their centralized counterparts, which are more prone to hacks. Decentralized platforms are set up in a way which enables clients to hold responsibility for coins utilizing private keys. This solution purportedly keeps cryptocurrency from being accumulated in one unified “honey pot” that may serve as a magnet for assaults.

Not long ago, Binance purchased Trust Wallet, a little known open source, decentralized wallet that supports Ethereum and more than 20,000 diverse Ethereum-based tokens. Zhao at that point said that Binance intends to list Trust Wallet as a default wallet on its decentralized exchange

According to Coinmarketcap, Binance that moved its activities to Malta this spring is the main crypto exchange in terms of trade volume. In July, the exchange supported plans to make a blockchain-based bank with tokenized proprietorship.

The future “founders Bank” will purportedly be owned by digital token investors and be headquartered in Malta which is known for its strong and straightforward crypto related policies.