Binance DEX Mainnet Launch Could Be Coming This Month

Binance, the world’s largest cryptocurrency exchange by trading volume recently announced that it is ready to launch the Binance Binance Decentralized Exchange (DEX) in April 2019 after months of testing.

CEO & founder Changpeng Zhao revealed the news to the word while making a speech at the Deconomy conference in Seoul, South Korea. Following the launch of the testnet DEX platform on February 20th, Binance is now expected to usher in the mainnet this month.

Binance has been developing a decentralized version of its exchange using blockchain technology; however, no further details have been revealed to the public by Binance’s official channels as of yet. Zhao has stated though, that the exchange is preparing for a smooth public launch before the end of April.

Since the launch of the DEX testnet back in February, users have apparently been able to sign up, create wallets and exchange tokens on the platform. Binance has announced plans to implement a number of new key features to the platform in the coming months. This includes support for a myriad of soft and hardware wallets, integration of Binance’s Trust Wallet as well as other technical upgrades.

This launch will mark the second significant change planned by Binance for April. In response to a user inquiry on Twitter, Zhao claimed that the Binance Launchpad would also be launching early this month.

Decentralized Exchanges Are On The Rise:

Malicious attacks on crypto exchanges have raised many concerns over the security of the assets of investors in their custody over the last few years. The most recent and notable of problems at the Canadian exchange QuadrigaCX, for example, have shown just how bad the fall of central authority could be for operations and considerable losses in assets.

Decentralized exchanges have garnered beliefs that they are more efficient, faster and ultimately safer options as opposed to the traditional, centralized exchanges out there. This is because a DEX platform gives the user full control over his/her wallet’s private keys instead of the exchange, thus almost totally abolishing the possibilities of widespread security breaches. In addition to this, DEX platforms also combat other issues such as wash trading, inaccurate trading volume data and of course, price manipulation.

All that being said, Bancor, a DEX platform, recently lost  $13.5 million worth of investors’ digital assets in a security breach back in July. This cause an uproar in the crypto community, with many an enthusiast questioning how a supposed decentralized exchange could fall victim to an attack.