In line with an official press release published, renowned crypto exchange Binance has launched the testnet of its latest decentralized exchange named Binance DEX.
As per Binance, the exchange, backed by Binance Chain — a modified blockchain and p2p [peer-to-peer] distributed system — is already available for its users. Users can create their wallets and begin exchanging tokens on its Binance DEX testnet.
Changpeng Zhao – CEO of ‘Binance‘ added that the new exchange features can facilitate users regain management of their personal keys:
“Binance DEX is a decentralized exchange with decentralized network of nodes, in which you hold your own personal keys and manage your wallet. With Binance DEX, we offer a special balance of security, freedom and ease-of-use, where you take a lot more responsibility and are in additional management of private assets.”
Binance DEX can reportedly support secure decentralized software & hardware wallets. Binance’s Trust wallet will additionally be integrated with Binance DEX, together with the Ledger Nano S. Alot more compatible wallets can supposedly be added shortly, the press release further added.
Earlier this month, Binance ‘declared‘ that BNB [Binance Coin] – that is presently an ERC20 token — would be shifted to the Binance Chain so as to become a native asset. Zhao then claimed that Binance Chain is ready to achieve one-second block times, reportedly 10-20 times quicker than the Bitcoin [BTC] and Ethereum [ETH] based blockchains.
BNB is presently 5.57% lower for the day, trading at around ‘$10.33 USD‘ and is listed at 10th position by market cap.
Promises of a testnet release for Binance DEX had circulated since Dec. last year, however the exact launch date was solely ‘revealed‘ this month.
Even earlier in Jan., ‘Binance‘ exchange was reported to be planning growth into many new countries, together with Singapore, Malta, South Korea, Liechtenstein, Argentina, Russia, Turkey along with Bernuda. However, an organization representative at the time could solely confirm Singapore and Malta.