CoinEx Follows Binance by Launching Its Own Chain and DEX
- The new CoinEx chain has been in the works for at least a year before the Binance Chain launch.
- Still, it has many of the same features – quick transaction finality, high throughput, low fees. In addition it offers increased privacy..
The success of the leading cryptocurrency exchange – Binance – has inspired many of its competitors to follow its footsteps. ViaBtc-backed exchange Coinex has just recently announced that its own blockchain is close to its testnet phase.
Despite the fact that hints towards launching a DEX and a separate chain have been present ever since CoinEx launched their own token fifteen months ago information about the upcoming blockchain has been scarce. In a recent official announcement, the exchange has given the community additional information.
For a project that has been in the works for quite some time, most of the features are remarkably similar to those of Binance Chain, which just recently launched. The focus is on quick transaction finality, low fees, and throughput capabilities that can provide a seamless experience for its DEX users. The announcement states that the R&D team is aiming at supporting 10,000+ transactions per second. These similarities could be the result of brainstorming sessions between CoinEx CEO and Binance CEO Changpeng Zhao that happened a few years back.
One interesting aspect of the new blockchain is the addition of privacy and smart contract chains with cross-chain availability under the same protocol. Unlike Binance’s strategy to comply with regulators (a move which entirely excluded U.S. customers from its DEX) CoinEx will try to utilise grey areas in the regulatory framework – such as privacy protocols. Still, it is highly unlikely that U.S. customers will have an easy time using the exchange.
The new blockchain already has its own dedicated website, as well as a web forum, which unfortunately doesn’t appear to have a significant English-speaking audience. Still, the project has just been announced, and no marketing has been done for it. The exchange itself still gets a respectable $70,000,000 daily volume – around 3% that of the market leader in the space.
Despite CoinEx’s stable business and the excitement of the most dedicated community members, the hype does not appear to be widespread. CoinEx Token did not see a significant jump in value following the announcement – perhaps due to the sentiment that events such as the arrest (and subsequent release) of CEO Haipo Yang have caused a delay that allowed Binance to overshadow the release of CoinEx’s offerings.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.