Exchanges

Binance DEX is now live on Binance Chain ahead of schedule

Binance has launched its highly-anticipated decentralised exchange on Binance Chain ahead of schedule.

While trading will begin at a “later date”, users can now load crypto onto the platform’s native wallet, which is powered by California-based Trust Wallet.

“We believe decentralised exchanges bring new hope and new possibilities, offering a trustless and transparent financial system,” said Binance CEO Changpeng ‘CZ’ Zhao in an official statement.

“With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem.”

The official launch of the DEX comes after weeks of testing in the testnet, which began in March.

Decentralised exchanges have grown in importance over the past year due to numerous hacks on centralised exchanges like CoinCheck and Cryptopia.

The QuadrigaCX scandal also highlighted why users keeping custody of their assets is so important, with more than $100 million being locked up due to the sudden death of the exchange’s CEO, Gerald Cotten.

As a result of the news, Binance’s native token, BNB, hit a new all-time high over the weekend, reaching $25 – a 500% rise from December’s low.

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Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.