- Company targeting end of 2018 or beginning of 2019 to release beta decentralized exchange
- Binance CEO gave hint of coming update on August, 9 2018 in a tweet
- DEX will leverage BNB as gas and give users full control of their assets
Binance, one of the world’s leading cryptocurrency exchanges, is preparing to launch a beta version of its decentralized exchange (DEX). A public beta version will be available for users to test and report bugs or issues besides suggesting new features they feel could be added.
Aiming for Year’s End
Binance CEO Changpeng Zhao tweeted to say the team was burning the midnight oil to launch the public beta of their new DEX by the end of this year or Q1 2019.
“Just had a productive meeting for #Binance #DEX (decentralized exchange), where $BNB will be native gas, and the exchange doesn’t control user funds, aiming for a public beta end of the year/early next year.”
Zhao stopped short of giving the finer details of the project timeline or when they plan to release the main DEX. However, he revealed that the Binance Coin (BNB) will become the native coin of the new exchange and that users will be given complete control of their funds with no interference from the exchange.
Zhao dropped a hint concerning the upcoming DEX on August 9, 2018, in a tweet on his channel that 220,000 cryptocurrency enthusiasts, where he tweeted a short “demo version” of the upcoming DEX. He then stated that the current trading platform, and the new Decentralized Exchange would coexist for a while and that the old one would not be replaced immediately. Calling it a “casual early pre-alpha demo,” the appended video highlighted a line terminal christened by one of the team members in addition to the basics of listing, issuing and trading crypto assets on the DEX.
During an interview with CNBC, the Binance CEO stated he believed the Decentralized Exchange (DEX) is the way to go noting the Binance was actively investing time and resources into making that a reality. Zhao stated:
“I think that we are at an early stage for that, so I don’t know if it will be a year, two years, three years or five years, but we have to be ready for it.”
Maybe Not So Distant After All
While his statement made it appear like Binance’s in-house Decentralized Exchange was a distant goal, perhaps a few years away, it may be that the DEX team can deliver way ahead of time. Some six weeks following the initial sneak peek, the CEO drops the latest tweet about the upcoming platform that has the potential to turn the way crypto exchanges operate upside down.