By The world’s largest cryptocurrency exchange by adjusted volume, Binance is ready to release its decentralized exchange, Binance DEX for public testing.
Chanpeng Zhao, CEO of Binance, tweeted on Tuesday stating that the firm is aiming for February 20th for the public testnet release of Binance Chain which is the native public blockchain under development, which will support the DEX.
During an “ask me anything” (AMA) chat on Twitter, Zhao revealed the details for the upcoming DEX.
Zhao stated that the firm has already given access to “selected partners,” and this includes blockchain firms, wallet developers and more. These partners will all be integrating various tools onto the decentralized platform. Notably, Ledger’s Nano S hardware wallet has already be integrated, said Zhao. Wallets from Trezor, KeepKey and the Nano X will all be integrated in the future.
The Binance DEX itself will be available to all platforms including Windows, Mac OS, iOS, Android, Linux as per the AMA which took place on Tuesday.
Zhao explained:
“Binance DEX works very similar to bitcoin. So most transactions are transparent. There’s no hidden transactions or private transactions.”
Furthermore, the platform will feature a listing fee of around $100,000 for tokes listed on the DEX. This is a high entry obstacle, which Zhao explained was set in order to reduce the number of “spam or scam projects.”
Back in December, Binance released a comprehensive video with details of the Binance DEX. The footage revealed a demo of the trading interface, the web-based crypto wallet as well as an explorer for Binance Chain.
Back then, the firm revealed that Binance DEX will sport a similar interface to their existing centralised exchange but will also include a number of new features including the option to generate 24-word mnemonic seed phrases which users can utilise for their private keys.
Binance Chain was revealed back in March 2018, and the firm stated at the time that it was being created to offer “low latency, high throughput trading, as well as decentralized custody of funds.”
In addition to this, the Binance Coin (BNB), which is the exchange’s toke will play an integral role in the functioning of the blockchain:
During the AMA, Zhao explained:
“Binance Coin on the Binance Chain is the same as the Ethereum coin on the Ethereum network. You will have to use it to pay for network transactions, as gas.”
Furthermore, yesterday BNB extended its recent price gains which resulted in an all-time high against Bitcoin.
Over in Singapore, Huobi also announced their plan to evolve into a standalone decentralized exchange last year.
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