Binance Promises Decentralized Future Powered by Crypto With Launch of DEX
Leading cryptocurrency exchange Binance has released its decentralized exchange (DEX). Unlike the company’s flagship exchange, which is centralized, Binance DEX does not interact with a centralized party. Instead, Binance DEX allows cryptocurrency traders to manage their own private keys. Announced on Tuesday ahead of schedule, the decentralized exchange will run on Binance’s native blockchain, Binance Chain.
CEO Changpeng “CZ” Zhao says the new exchange fulfills the company’s mission of building a decentralized future and an open global financial system powered by cryptocurrencies and blockchain technology.
“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.”
With the Binance Chain mainnet launch, Binance Coin (BNB), the seventh largest cryptocurrency by market cap, has become the native asset on Binance Chain, moving from the Ethereum blockchain. In a massive token swap on Tuesday, five million ERC20 BNB were burned as part of the conversion process.
Just burned 5mm ERC20 BNB, commencing swap to the real #BNB.
— CZ Binance (@cz_binance) April 23, 2019
BNB is used for network transactions. During the Binance DEX testnet phase, nearly 8.5 million transactions were made across a simulated trading competition, coding competition and bug bounty program.
Initial list of supported wallets
- Trust Wallet
- Magnum Wallet
- Coinomi Wallet
- Atomic Wallet
- ZelCore Wallet
- Infinito Wallet
- Math Wallet
- Ellipal Wallet
- Guarda Wallet
“Users now have access to the Binance Chain Explorer, web wallet, public data nodes and APIs, and trading will begin at a later date.”