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Binance to Introduce Own Blockchain “Binance Chain”

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Binance will introduce its own blockchain “Binance Chain” in the next few months.

The prominent firm announced this in a recently-posted tweet.

The new Binance-backed blockchain seeks to provide a basis for making new cryptocurrencies and Initial Coin Offering (ICO) tokens, as the company indicated in the tweet:

“Binance is pushing for blockchain adoption and doing many things to help advancement of the industry. E.g. we will have the Binance chain ready in the coming months, on which millions of projects can easily issue tokens.”

A report by Forbes said that Binance announced their plans during a private event in Singapore that was backed by Forbes Asia. Speaking at the “Decrypting Blockchain for Business” event, Binance CEO Changpeng Zhao (CZ) expressed that the new plans actually point to an old vision of crypto, which would expectedly lead to raising its adoption on a world scale.

To reach a basic “payment adoption increase,” CZ said that the firm would be “pushing really hard into that space,” since their “original intent” hasn’t taken off “for some reason.”

Last month, CZ divulged that Binance’s business was still “very stable,” in spite of the recent exchange volume drop of around 50 percent, as well as the substantial dip of crypto markets this year. The Binance CEO said that while Binance held just 10 percent of the trading volumes they had in January 2018, the volumes are still significantly higher than those of “two or three years ago,” and the business is “still profitable.”

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