- Binance’s new decentralized exchange powered by Binance chain, is said to be launching this month
- The company also set up shop in the Singaporean crypto market with the exchange going live this month.
- Trust wallet now supports Staking
Binance, the world’s largest crypto currency exchange has quite a lot on their April to-do list. The official twitter handle recently announced that the long awaited Binance decentralized exchange (DEX) mainnet launch is due to launch this month.
Testnet running smoothly
The DEX testnet was launched back in February 20th and it uses a decentralized order matching engine powered by Binance Chain technology. The chain is the company’s native blockchain network that utilizes a peer-to-peer distributed system developed by company. The all new decentralized exchange allows users to securely exchange digital assets that are listed on the DEX and users can even suggest new trading pairs. The exchange matches orders within the blockchain nodes and every transaction is recorded, thus forming a complete and auditable ledger of activity. Talking about the decentralized exchange back in February, Binance CEO Changpeng Zhao 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 responsibility and are in more control of your assets.”
He further added:
“With the core Binance Chain technology, Binance DEX can handle the same trading volume as Binance.com is handling today. This solves the issues many other decentralized exchanges face with speed and power.”
This isn’t all that the company has planned. On the 3rd of April 2019, Changpeng Zhao made the official announcement at the Deconomy conference held in Seoul that the company is planning to enter the Singaporean crypto market. This was followed by a tweet from the company’s twitter handle that stated:
“Binance Singapore will come online in April. It will be our next Fiat to crypto exchange servicing $SGD”
The decision isn’t sudden at all. The news first came in the September of 2018 and the company has been making efforts to enter the crypto-friendly Singaporean market ever since. In the past few months, the company has been conducting tests and the company seems to have reached the final stage. This is one of the many branches of one big tree. Binance has been really persistent about expansion as it expanded to major crypto markets like Malta, South Korea and Uganda last year.
Earlier this year the company also launched their exchange in the Island of Jersey and the exchange allows users to trade crypto against fiat pairs like British Pounds and the euro.
Trust Wallet staking
Also earlier this Wednesday Binance announced on their blog that they are taking the first steps to enable staking on the Trust wallet app. The new update that introduces ‘Staking’ “involves the act of holding cryptocurrencies as part of the process of running blockchains that use a Proof-of-Stake consensus mechanism”. The users also have the ability to “vote on changes in the blockchain and receive income for validating transactions.” The plethora of new features and the highly secure eco-system makes trust wallet really popular among cryptocurrency enthusiasts. The wallet even supports credit card payments and thus acts as an ideal decentralized exchange as well.