Binance Launches Decentralized Exchange Ahead of Schedule
Top cryptocurrency exchange Binance has launched its decentralized exchange platform, with trading to go live soon.
Binance’s much anticipated decentralized exchange (DEX) has gone live ahead of its planned schedule.
The world's top cryptocurrency exchange by adjusted volume announced the news on Tuesday, saying that while trading will begin "at a later date," users can now create wallets on Binance DEX.
A representative told CoinDesk 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."
Binance CEO Changpeng Zhao said in the announcement:
The news comes just a week after the firm announced its native blockchain, Binance Chain, was live. Its exchange token BNB has also been launched as the native asset on the blockchain to replace the previous ethereum ERC-20 token. Holders of the ERC-20 BNB can now swap them for the native form on Binance.com.
Binance Chain supports various wallets at launch, including Binance's official Trust Wallet, as well as offerings from Coinomi, Ledger, Enjin, Exodus and more. The exchange is also inviting other crypto projects to get involved by issuing new tokens on Binance Chain.
The launch of the DEX follows a two-month testing period, during which Binance said nearly 8.5 million transactions were made across various competitions and programs.
The DEX platform offers a similar interface to its existing centralized exchange, with some additional features, such as an option to generate a 24-word mnemonic seed phrase to secure users’ private keys.
In March, Malta-based cryptocurrency exchange OKEx also announced a plan to launch a decentralized exchange called OKDEx on its own blockchain OKChain. The exchange said that OKChain is currently at the “final” development stage and that a test network launch is expected in June.
And, last summer, Singapore-based cryptocurrency exchange Huobi said it would evolve into a standalone DEX, at the time offering funding for developer assistance in creating an open-sourced blockchain protocol for the effort.
Changpeng Zhao image via Shutterstock
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.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.