Cryptocurrency exchange Binance recently released a preview of its upcoming decentralized exchange Binance DEX. The preview of the new exchange shows how the DEX platform will allow traders to buy and sell their digital assets without depending on a centralized entity to hold their coins.
What Does the New Preview Show?
In its announcement, Binance noted:
“Binance DEX is made by the blockchain community, for the blockchain community, with support from Binance developers, as part of advancing our mission to spread the freedom of money.”
Binance CEO Changpeng Zhao revealed the project and said that it is coming earlier than he thought and asked the audience not to expect too much as it is a pre-alpha stage demo.
The decentralized platform is built atop the Binance Chain, a new blockchain development that uses Binance Coin (BNB) as its native digital asset. The DEX platform will allow users to send and receive BNB with any other user on the platform, issue new tokens, burn tokens, freeze or unfreeze tokens and send buy or sell orders on community created trading pairs.
Making Funds Safer Than Ever
With the help of Binance DEX, set to be unveiled in the upcoming few months, the users can gain more control of their funds. Binance suggests that the new platform “makes it possible for your funds to be more SAFU than ever before.” The DEX funds of the users will be stored safely in their Trust Wallets. The private keys will be stored on the device, providing the users better safety and better control of their funds.
The project is expected to launch in early 2019, and the ERC20 BNB coin will be transformed into the native Binance Chain asset. The date and details of the transformation will be revealed later. Binance will maintain DEX as a community project.