According to Changpeng Zhao, the CEO of Binance crypto exchange, the company is about to launch its decentralized trading platform in less than a month. The new decentralized exchange, called Binance DEX, is a long-anticipated platform which will eventually be run by multiple entities, with Binance being only one of them.
Binance announcements shaking the world of online trading
Binance, the world’s largest crypto exchange by trading volume, had a string of major revelations this week. The first one came only yesterday, stating that the exchange’s subsidiary, a fiat-to-crypto exchange known as Binance Jersey, finally got listed on CoinMarketCap.
The second large revelation followed soon, stating that Binance will launch yet another fiat/crypto exchange, this time in Singapore. The Singapore exchange will allow people to purchase digital currencies via SGD, while Binance Jersey focuses on European markets, where it allows the purchase of Bitcoin and Ethereum in exchange for GBP and EUR.
The new announcement of Binance DEX came at the Deconomy conference in Seoul, where Zhao, also known as CZ, spoke briefly at the panel called “Centralized vs. Decentralized.” His speech, while brief, contained two massive announcements which will significantly impact online trading. The first one is the launch of Binance Singapore. The second one was that Binance DEX would become fully operational within a month, most likely going live sometime in April.
The revelation came as a surprise to many, even though Binance previously launched a testnet for DEX earlier this year, in February. Testnet allowed users to create digital wallets and exchange tokens on the platform, which will reportedly support hardware wallets and secure decentralized software. One of the wallets integrated with the exchange will be Binance’s own Trust Wallet, as well as Ledger Nano S, and potentially other compatible wallets which will be included following the launch.
Meanwhile, Binance also recently announced that the Trust Wallet would launch a new staking feature by the end of this year’s Q2. The exchange also added support for Tezos (XTZ), which is now the 19th largest coin by market cap. Binance’s US-based competitor, Coinbase, also announced the same, adding support for Tezos staking, which might have a significant impact on the coin’s price in foreseeable future-
Binance Coin might see a massive spike up
As for Binance’s own Binance Coin (BNB), it will serve as the base currency for Binance DEX, with similar benefits as on Binance itself. This will likely urge many to go and buy BNB rather soon, as there were numerous predictions claiming that the coin’s price will skyrocket once the DEX goes live. After it emerges, DEX is likely to be one of the best online trading platforms in the crypto industry, which will certainly have an impact on its native coin.
For the moment, BNB stands as the 7th largest cryptocurrency with a market cap of $2.72 billion, and the price of $19.29 at the time of writing. BNB has also been among the best-performing coins in 2019, with its price being nearly four times higher than at the beginning of the year. It is also closing in on its all-time high, which it may even exceed within less than a month.