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27 May 2022
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Exchange & Wallet News

Binance makes its own cryptocurrency exchange superfluous with the launch of DEX

Binance, currently the world’s largest cryptocurrency exchanges, has been the platform for crypto trading since 2017. The platform offers numerous altcoins, and recently investors can also deposit fiat currency directly into their account. With the many initiatives and plans to launch a decentralized exchange, there may be golden times ahead of Binance.
The heart of Binance DEX will be Binance Coin, a crypto token that is still on the Ethereum blockchain. This will soon be transferred to Binance’s own blockchain; Binance Chain. Binance DEX will also be based on the same blockchain, so that customers can invest fully in decentralized cryptocurrencies.
This makes Binance ’centralized exchange superfluous in principle, since then no entity is needed to steer transactions in the right direction. Everything will be arranged automatically. In addition to the fact that this is cheaper, this is many times safer. Cryptocurrency exchanges have the responsibility to keep all their customers’ private keys. If this does not go well you will get situations like that of the Canadian cryptocurrency exchange QuadrigaCX.
Tushar Jain, managing partner of the crypto hedge fund Multicoin Capital said to be impressed by Binance during the Unchained podcast:

“We have been watching Binance and their performance from the moment they were launched in 2017, and we are incredibly impressed by how good they are. The exchange has a very dominant position on the crypto spot trading market. ”

In addition to the fact that Binance is becoming more decentralized as an exchange, the company itself is also becoming more decentralized. It opened a number of fiat-crypto exchanges in Jersey, Singapore and Uganda, among others. Binance also has 400 employees in 40 countries.
With the launch of more and more fiat crypto exchanges, the decentralized exchange Binance DEX and the Binance Launchpad platform on which Initial Coin Offerings (ICOs) can be held, the future of Binance therefore looks bright. However, it is still unclear whether Binance DEX will succeed. Indeed, predecessors were not exactly successful.
However, Ledger has already indicated that it will support the new exchange, and Binance will also attract customers to the new platform with attractive transaction costs. According to experts, Binance DEX therefore has a high chance of success. When the exchange will be launched exactly is not yet clear and will be announced later.

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