Binance, a global cryptocurrency exchange that offers a platform for trading over 100 Cryptocurrencies, has released the testnet of its new decentralized exchange, Binance DEX. Powered by Binance Chain, the Binance DEX is a new Blockchain and peer-to-peer distributed system is already available for customers. After this release, users can create wallets and start exchanging tokens on the Binance DEX testnet.
As Binance CEO Changpeng Zhao described, Binance Dex will assist users to get back control of their private keys. It’s a decentralized exchange with a decentralized network of nodes, where users hold their own private keys and manage their own wallet. With the new exchange, Binance offers a different balance of security, autonomy, and accessibility, where users take more accountability and are in more control of personal assets. It will reportedly support secure decentralized software and hardware wallets. Further, Binance’s Trust Wallet will also be incorporated with Binance DEX, along with the Ledger Nano S. According to the reports, more compatible wallets will supposedly be added shortly.
Binance , earlier this week, announced that Binance Coin that is currently an ERC20 token, which will be moved to the Binance Chain in order to become a native asset. The exchange then claimed that Binance Chain is able to attain one-second block times, reportedly 10-20 times faster than the Bitcoin and Ethereum Blockchains. In January this year, Binance was supposed to be planning for expansion into several new countries, including Singapore, South Korea, Malta, Liechtenstein, Argentina, Russia, Turkey, and Bermuda.