- The new DEX has released ahead of schedule
- Though more centralized than most DEXes, the Binance DEX will allow users to hold the keys to their own coins
The eagerly awaited Decentralized Exchange (DEX) by the world’s leading cryptocurrency exchange by trade volume, Binance, is now live, ahead of schedule.
Deposits live, only days from trading
Binance made the announcement via an official post on Tuesday. The firm said that trading would begin at a later date but users were free to create their wallets on the DEX and make deposits and withdrawals using the company’s BEP2 token. According to sources, trading will be launched as soon as tokens are issued and listed on the DEX and trading pairs have been created, something that is expected to happen during the next few days. In the announcement, the firm’s CEO Changpeng Zhao (CZ) stated:
“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.”
BNB goes from ERC to native token
The announcement comes fast on the heels of last week’s announcement of another major development in the Malta-based exchange, the launching of Binance’s own blockchain, the Binance Chain. During last week’s announcement they also stated it that the exchange’s token, BNB would be the blockchain’s native asset, with its previous Ethereum ERC-20 standard BNB being replaced with the new “BEP2” on Binance Chain. Users holding the old token are now free to swap them for the new one on Binance.com.
They announced during the launch of new chain that it already supported several wallets including the exchange’s official Trust Wallet besides offerings from Ledger, Coinomi, Enjin and Exodus among others. The Exchange is now inviting other crypto projects to join the Binance chain and get involved in issuing new tokens on their MainNet.
The Binance DEX has been officially launched following a two-month testing period, during which the exchange reports that over 8.5 million transactions were executed across several programs and competitions. The new platform offers an interface that resembles the one of the existing centralized exchange but comes with additional features that include the option of generating a 24-word mnemonic seed phrase to secure users’ private keys.
The exchange now says that following the full launch of their decentralized exchange (DEX), users will have access to the Binance Chain explorer, web wallet, public data nodes and APIs. The exchange is also expected to announce the date for trading on the new DEX besides the expected launch of its Singapore subsidiary, with rumors showing the exchange is about to introduce margin trading.