Binance Offers First Look At Planned Decentralized Crypto Exchange

Cryptocurrency exchange Binance unveiled the platform's first look at its upcoming decentralized exchange (DEX) on Thursday.

Aug 9, 2018 at 6:30 p.m. UTC
Updated Sep 13, 2021 at 8:16 a.m. UTC

Cryptocurrency exchange Binance unveiled the platform's first look at its upcoming decentralized exchange (DEX) on Thursday.

Binance, one of the world's largest cryptocurrency exchanges by trading volume, announced back in March that it plans to launch a new public blockchain for the purposes of developing the Binance Chain, a platform to transfer and trade different crypto assets without a centralized operator. This week, CEO Changpeng Zhao provided the first demonstration of the Binance Decentralized Exchange and the Binance Chain.

"Today, I have something really exciting to share with you guys. This will be the first demo for the Binance Decentralized Exchange, the Binance Chain," Zhao told viewers.

Zhao explained that his team of developers is ahead of schedule, saying in the demonstration that "I thought this would happen one to two months later or more but again, the team delivered early."

While the majority of the demo is footage of a command line terminal voiced over by one of the Binance Chain developers, the various activities depicted outline the basics of issuing, listing and trading crypto assets on the decentralized exchange.

Zhao insists the product remains in "early stage development," adding that:

"There's still a ton of work to be done to turn [it] into a final product. The team's working on it very aggressively. Nevertheless, this is a major milestone for Binance Chain."

Indeed, other competitors to Binance such as cryptocurrency exchange Huobi announced similar plans in June to fund the creation of an open-sourced blockchain protocol aimed at one day evolving into a standalone decentralized exchange.

And while there are decentralized exchanges currently in existence in the crypto markets, data by analytics firm Alethio reports that most have varying degrees of centralization built into their model.

In fact, sentiment as of late around the security of decentralized exchanges as a whole has taken a hit with one decentralized crypto exchange by the name of Waves being hacked of funds almost immediately after launching from a year-and-half-long beta period.

Changpeng Zhao image via YouTube

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
First Mover Asia: Bitcoin Dominates but Altcoins Lurk

Although Terra's collapse has raised existential questions about the future of DeFi, some traders appear to be preparing for a return to altcoins; BTC remains rangebound below $30,000 in Tuesday trading.

Although Terra's collapse has raised existential questions about the future of DeFi, some traders appear to be preparing for a return to altcoins; BTC remains rangebound below $30,000 in Tuesday trading.

CoinDesk - Unknown
2
CoinDesk - Unknown
NEAR Protocol

CoinDesk - Unknown
3
CoinDesk - Unknown
MOBOX

CoinDesk - Unknown
4
CoinDesk - Unknown
Moonriver

CoinDesk - Unknown