Binance CEO Changpeng Zhao has announced that the exchange will launch a decentralized version of its platform by the end of April. This follows an announcement that Binance will launch a fiat-to-crypto trading service in Singapore the same month.
"#Binance Singapore will come online in April. It will be our next Fiat to Crypto exchange servicing $SGD " – @cz_binance #deconomy2019 #Binance
— Binance (@binance) April 4, 2019
Zhao made the statement at the Deconomy conference in Seoul, while speaking in a panel discussion that focused on “Centralized vs Decentralized”.
.@cz_binance will be speaking live at @Deconomy_forum shortly on "Centralized vs Decentralized". From the look of his slides, there may be something to watch out for 👀 #deconomy2019 #Binance #ProofOfBUIDL
Can you guess what they are? pic.twitter.com/ujhUwA4UaU
— Binance (@binance) April 4, 2019
Binance launched the testnet version of its decentralized exchagne in February, which allowed users to create wallets and trade tokens. The world’s 2nd largest cryptocurrency exchange by volume also recently revealed that its Trust Wallet will see the launch of a staking feature in Q2 2019. The DEX utilizes Binance own’s blockchain, the Binance Chain.
Any good news about the Binance exchange bears good news for investors in the Binance token (BNB), which has done quite well in terms of performance in the past few months, clearly outperforming other tokens. The token’s value bears some correlation to the business performance of Binance itself.
Binance is offering rewards users who test the Binance DEX with BNB, with Zhao spurring users into action by saying that the exchange is offering roughly $100,000 in a Binance DEX testnet trading competition.
At any rate, the slew of positive developments concerning Binance can only mean good news for the Binance token, which does tend to rise in value when good news comes about.
Decentralized exchanges, or DEXs, are seen as an exciting upgrade for the cryptocurrency market, bolstering trading by offering more security and privacy. Along with stablecoins and ICO regulation, 2019 is seen as a year where DEXs might come into bloom.
