The CEO of Binance Changpeng Zhao, recently announced a demo of the platform’s decentralized exchange.
In a six-minute video made public via Twitter, Zhao introduced a “casual, early, pre-offer” demo of the decentralized exchange. The CEO remarked not “to expect too much” for now, saying that it does not have a graphical user interface yet.
Zhao showcased three essential features of the upcoming exchange, those being the creation, listing, and trading of tokens. As Zhao did not indicate the launch date, it is vague when the exchange would be marketed and what volumes it would be able to handle.
Decentralized exchanges are praised as being more secure than their centralized counterparts, which are more subceptible to hacks. Decentralized platforms are established in a manner that allows users to keep ownership of their coins using private keys. This solution keeps cryptocurrencies from being pooled together in one centralized “honeypot,” or point of attack.
A few weeks ago, Binance bought Trust Wallet, an open source, anonymous, and decentralized wallet that supports Ethereum and more than 20,000 different Ethereum-based tokens. Zhao then said that Binance has plans to list Trust Wallet as a default wallet on its decentralized exchange.
Binance, which transferred its operations to Malta this spring, is the number one crypto exchange by trade volume, according to Coinmarketcap. In July, the exchange supported plans to establish a blockchain-based bank with tokenized ownership. The future “Founders Bank” will be owned by digital token investors and be headquartered in Malta, known for its healthy and transparent crypto regulatory climate.
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