As Binance’s release of the Binance Chain is imminent, which the Binance DEX will run on top of, Weiss Ratings has said that the blockchain will not compete with Ethereum, but is more focused on disrupting the exchange industry by introducing a decentralized exchange.
#Binance, the world’s largest #cryptocurrency exchange, today launched its own #blockchain in a play to disrupt centralized exchanges. It’s a good move by #CZ. For those wondering if they’re competing with #ETH, they’re not – ETH is a world computer, and Binance is a #DEX.
— Weiss Ratings (@WeissRatings) April 20, 2019
True, the Ethereum blockchain and Binance Chain are two different entities with different purposes, though some users seem to think that the Binance Launchpad is similar to Ethereum in that many see it as a good fundraising platform.
This opinion comes as several Ethereum projects are moving to the Binance Chain.
Binance on Fire
Binance recently conducted its quarterly BNB token burning, removing about $15.6 million worth of the tokens from circulation. The crypto market’s break past the $5000 barrier has coincided with a report by Binance that says the bear market is about to end and that an uptrend is around the corner. The exchange has also been seeing more orders than in January of 2018 – when bitcoin and the market was at its high.
Binance and the Binance Coin (BNB) have been performing exceptionally well in 2019, with the Binance DEX expected to be launched by the end of April, while the Binance Chain has already been launched. Several prominent figures have spoken positively of Binance and its strong efforts to expand, including TRON (TRX) founder, Justin Sun, who said that the BNB token would become a “new bitcoin.”
