Leading cryptocurrency exchange, Binance has today announced the official launch of its decentralised exchange, dubbed Binance DEX.
The new decentralised exchange will run on the recently launched Binance Chain with the migration of BNB tokens from the Ethereum blockchain also completed, Binance confirmed. The migration means that BNB tokens on Binance Chain will now serve as its native token and will be used to assist network transactions.
Binance CEO, Changpeng Zhao said in the announcement,
“We believe decentralised 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. We hope this brings a new level of freedom to our community”.
Following the full launch of the Binance decentralised exchange, Binance also notes that users now have access to the Binance Chain Explorer, web wallet, public data nodes and APIs.
Binance will also announce a date for trading to begin on the new decentralised exchange which was put through a testnet period in February. A teaser for the new platform was also released in early December, to highlight was users can expect when it goes live!
Meanwhile, Binance is still expected to launch its Singapore subsidiary later this week with rumours about the exchange introducing margin trading still alive.
BNB Market Performance Following Binance DEX Launch
Following the announcement of the new Binance DEX, the exchange’s native token, BNB is only posting a 1.34% gain on the daily trading charts. Binance’s value at press time was $24.86 with its market cap at $3.48 billion.
Coinfomania reported earlier today that Bitcoin is also putting in a strong performance breaching $5500 and approaching the $100 billion market cap.