By The world’s largest crypto exchange by trading volume Binance’s highly anticipated decentralized exchange (DEX) recently went live ahead of the planned schedule.
The news was announced on Tuesday, with Binance stating that trading will commence “at a later date”, but users can already create their wallets on the Binance DEX.
A Binance representative told the press that trading will launch “as soon as tokens are issued and listed on Binance DEX, and trading pairs are created. We’re expecting this to happen soon, in the next few days.”
Changpeng Zhao, CEO of Binance stated in the announcement:
“We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. … With no central custody of funds, Binance DEX offers far more control over your own assets.”
The news comes shortly after the company announced it’s first native blockchain, Binance Chain had gone live. Furthermore, the exchange token BNB has also been launched as the native token on the blockchain to replace its previous ethereum ERC-20 token. People holding the ERC-20 BNB are now eligible to swap them out for the new native form on Binance.com.
Binance Chain has had support for various wallets since launch, and this includes the Binance Trust Wallet as well as wallet services from Coinomi, Ledger, Enjin, Exodus and more. In addition to this, the firm has also invited other crypto initiatives to get involved by the issuance of new tokens on Binance Chain.
The launch of the DEX comes after a two-month testing phase in which Binance has stated that nearly 8.5 million transactions were carried out during a variety of competitions and programs.
The new DEX platform boasts a similar interface to the existing centralized exchange but with added features such as the option to generate 24-word mnemonic seed phrases to secure the private keys of users.
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