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Binance To Launch Demo Version Of Decentralized Exchange

Published: 10/08/2018
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What is it for?

Binance CEO Changpeng Zhao informed about the launch of a decentralized platform demo on his Twitter.

 

 

In a video message the executive stressed that he does not cherish hopes for the project at this stage, since there is even no graphical user interface yet. Zhao spoke about specifics of the future exchange concerning development, listing, and token trading, but didn't name the exact trading opening date, the start time, and volumes.

 

 

Decentralized trading platforms are considered safer than centralized ones that are more exposed to crypto scammers' attacks. Users of decentralized platforms protect their funds with the help of private keys. However, the launch of fully decentralized exchanges is still considered very expensive and technically difficult.

 

In early August, Binance acquired Trust Wallet, an anonymous and decentralized open-source wallet, which supports ether and numerous tokens on the Ethereum blockchain. Zhao stated that he will integrate this wallet into a new exchange project.

 

Binance CEO Changpeng Zhao. Featured photo from Binance's official website

 

According to CoinMarketCap, the Binance crypto exchange, which relocated its main office to Malta in spring, ranks 1st in the rating by trading volume. On August 10, 06:20 (UTC), the market trading volume on the exchange was $1.1 billion.

 

Binance was founded in 2017 and gained popularity rather quickly. The company offers 2 options for crypto trading: basic and advanced. The latter provides a more thorough tech analysis of the market. For more reliable protection of users' accounts, the platform offers two-factor authentication. Basic cryptos are bitcoin, ether, Tether, Litecoin, DASH, and others.

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