Cryptocurrency exchange Binance announced the launch of its decentralized exchange DEX on its in-house blockchain, Binance Chain on Tuesday. An announcement from the exchange stated that the Binance DEX development team invited projects to participate in and issue new tokens on the native blockchain, in a bid to push the industry forward.
Changpeng Zhao, the Chief Executive Officer (CEO) of Binance said, “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.”
— Binance (@binance) April 23, 2019
With the launch of the Binance Chain, there have been a few changes pertaining to the native token, Binance Coin also known as BNB. The token has migrated from ERC-20 to BEP-2 to become the native asset on Binance Chain, where BNB will be used to assist network transactions.
Wallets initially supported on Binance Chain include Trust Wallet, Ledger, Enjin, Magnum Wallet, CoolWallet, Coinomi Wallet, Atomic Wallet, ZelCore Wallet, Infinito Wallet, Math Wallet, Ellipal Wallet, Guarda Wallet and Exodus.
The decentralized exchange has been in the news since February this year, when it announced that it had released a testnet for its decentralized exchange (DEX).
At the time, CZ had said, “Binance DEX is a decentralized exchange with a decentralized network of nodes, where you hold your own private keys and manage your own wallet. 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.”
An official press release further stated that a secure, native marketplace, Binance DEX, built on Binance Chain, will allow 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 Coin (BNB), currently an ERC20 token, will be migrated to Binance Chain to become the native asset.
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