Binance CEO: Not keen on launching social media platform
Following Huobi's Huobi chat launch Binance CEO, Changpeng Zhao tweeted that building a chat platform was not their area of expertise. He said that chat is a bit far from their core business. This tweet was in response to a Twitterati who suggested a Binance chat platform and said: "Binance Chat sounds cool". Huobi launched a Beta version of their chat platform aiming to connect customers and also to provide token incentives to their users,
Chat is a bit far from our core business. We invested in Mobile coin, the protocol behind whatsapp and signal. Let specialists do what they specialize in. We focus on what we know best. https://t.co/shKhoEPiW3
— CZ Binance (@cz_binance) October 1, 2018
Binance Labs, an incubator of the exchange, invested $30 million in Ether and Bitcoin in a startup called MobileCoin. "MobileCoin is an effort to develop a fast, private, and easy-to-use cryptocurrency that can be deployed in resource-constrained environments to users who aren’t equipped to reliably maintain secret keys over a long period of time, all without giving up control of funds to a payment processing service," according to MobileCoin whitepaper.
Binance has decided to launch its very own decentralized exchange (DEX) by the end of this year or early 2019. A public beta version would be available to users for testing, after which they can report any bugs or issues with the platform or even suggest new features that could be added. The DEX would not immediately replace the original platform. John McAfee commented that the Binance's decision to launch a decentralized exchange was 'tardy' but its 'better late than never'.
Image via Shutterstock
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