Binance Announces Public Testing for Decentralized Exchange

fortune.com

Binance has opened public testing for a decentralized trading platform built on its blockchain network Binance Chain.

The world’s largest cryptocurrency exchange by trading volume revealed on Wednesday that Binance DEX, the new platform, is now open for public testing where users can interact with the trading platform’s interface and create their own wallets.

Binance also announced the blockchain explorer for the testnet of its own blockchain network, which empowers the DEX so that traders can transact as individual nodes and keep their own private keys.

Although the opening of the testnet for public testing is a big step towards the final roll-out, Binance is asking for feedback from the community before it can set a timeline for the official launch.

Changpeng Zhao, co-founder and CEO of Binance, said: “With Binance DEX, we provide a different balance of security, freedom, and ease-of-use, where you take more responsibility and are in more control of personal assets.”

In addition, the company said that hardware wallet producer Ledger and blockchain startup TrustWallet, which Binance recently acquired, have already integrated with Binance DEX. On the other hand, BNB, the token launched by Binance, will be migrated to Binance Chain upon its final launch.

Binance initially revealed the plan to create its own blockchain and a decentralized exchange in March last year, following the kick-off of Binance.com, its centralized spot-trading exchange.

Zhao further claimed in the announcement that Binance Chain has “near-instant transaction finality with one-second block time.” He said that this ability can probably allow Binance DEX to take care of the same volume Binance.com is handling today.

A few days ago, Zhao said on Twitter that all tokens wanting to be listed on Binance will have a listing fee of around $100,000 to avoid scam projects.