Binance Decentralized Exchange Now Live On Native Blockchain Mainnet

Blockchain, News | April 24, 2019 By:

Binance, the world’s largest cryptocurrency exchange, has announced that its decentralized exchange, Binance DEX, is now live on its native blockchain platform Binance Chain.

The launch of Binance DEX follows a two-month testnet period, during which nearly 8.5 million transactions were made across a simulated trading competition, coding competition and bug bounty program, with several new updates and enhancements implemented.

On the Binance DEX platform, users are responsible for the security of their funds and are required to protect the 24-word security phrase as the key for their private wallet. Wallets initially supported include Trust Wallet, Ledger, Enjin, Magnum Wallet, CoolWallet, Coinomi Wallet, Atomic Wallet, ZelCore Wallet, Infinito Wallet, Math Wallet, Ellipal Wallet, Guarda Wallet and Exodus.

Binance Coin (BNB), which has migrated from its former ethereum network blockchain-compatible ERC-20 technical standard to a native BEP-2 Binance Chain standard, will be used as Binance Chain’s native asset to assist network transactions. Binance DEX will allow for direct trading through wallets supporting the new BNB.

As part of Binance’s effort to push the industry forward, Changpeng Zhao, CEO of Binance, is inviting projects to participate in and issue new tokens on the native blockchain.

“We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system,” said Changpeng Zhao, CEO of Binance. “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. We will work closely with projects and teams to grow the entire ecosystem.”