Binance eyes launching public beta of decentralized exchange by 2018-end: CEO
Binance, among the world’s top crypto exchanges, seems to be making progress as it works on launching its very own decentralized exchange (DEX). Binance CEO Changpeng Zhao recently tweeted that the team was aiming to launch a public beta of the new DEX by the end of this year or early 2019.
Just had a productive meeting for #Binance #DEX (decentralized exchange), where $BNB will be native gas, and the exchange don’t control user funds. Aiming for a public beta end of the year/early next year. Yes, we work on Saturdays, non stop!
— CZ Binance (@cz_binance) September 29, 2018
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.
Zhao stopped short of revealing any more details regarding the timeline of the project or when the main release of the DEX is planned.
He did mention that Binance Coin [BNB] would be the new platform’s native currency and users will be in full control of their funds, with no interference from the exchange.
Early in August, Zhao had tweeted a short demo version of its upcoming DEX. He had stated that Binance’s current trading platform and the new DEX would coexist for some time. The DEX would not immediately replace the original platform.
In what Zhao called a “casual early pre-alpha demo”, the video featured a command line terminal dubbed by one of its developers. It also contained the basics of issuing, listing and trading crypto assets on the DEX.
Users welcome Binance DEX update; prices fail to react
A Twitter user pointed out that the DEX space would become crowded by the first half of next year, to which Zhao said that his team heard similar statements about the crypto exchange industry when they first set out to establish Binance.
But for the most part, the crypto community seemed to be encouraged by Zhao’s update. Many believe that this new update could propel Binance Coin’s [BNB] price further.
However, prices did not seem to reflect this optimistic sentiment. At the time of writing, BNB had slipped 1.5 percent against the U.S. dollar to trade at $9.93, likely due to the broader bearish trend seen in the crypto market.
Binance is currently the world’s top crypto exchange in terms of trading volumes. The platform had achieved daily trading volumes of close to $1.13 billion at press time, data from CoinMarketCap showed.
Image via Shutterstock
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