Binance DEX will support hardware wallets, says CEO Changpeng Zhao
Binance CEO, Changpeng Zhao (CZ), in a recent tweet shared the news that the DEX will be supporting hardware. It will be available from day one of launch. CZ wrote on Twitter, “Binance DEX will support hardware wallets from day one of launch. So that you can be sure you private keys never leave your device.” The platform is reportedly in “active development”.
Though Zhao mentioned that the DEX will be supporting hardware wallets, he did not mention the specific wallets which would be involved. Likely, all major names such as Trezor, Ledger and KeepKey. Binance users have eagerly awaited the appearance of DEX since it was first announced by the company last year.
Last Monday, at the Binance conference in Singapore, Zhao confirmed that Binance is working towards the Binance DEX launch. Zhao, while explaining the objective of the project, said that it wouldn’t compete with the current centralized exchange offered by Binance, BitcoinMag reported.
“I don’t think it competes at all”, he said. “There are three categories, really. There are people who use FIAT to crypto centralized exchanges and there you can’t decentralize anyway because with the banking relationship – you just can’t do it. Then there are people who are using crypto to crypto centralized exchanges because there is very high liquidity, faster systems, etc. And the exchange takes care of the security. You’ve got to rely on the exchange.”
The news of Binance DEX will be supporting hardware comes just a few days after Binance launched crypto to crypto over the counter [OTC] trading desk. According to the exchange’s blog, the OTC trading desk will allow the exchange’s customers to trade larger amounts of cryptocurrencies listed on the exchange.The crypto exchange giant listed out the advantages of trading on an OTC desk. It said that OTC desk will enable customers to trade larger amounts of cryptos in a single trade.
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