The Binance Decentralized Crypto Exchange Testnet has Launched
- According to an announcement from the company, their decentralized exchange is up for public testing, where users can create wallets, exchange tokens, or generally interact with the platforms interface.
- The DEX is powered by a new blockchain, called Binance Chain, which aims to allow traders to participate as individual nodes and hold onto their private keys.
Binance, the worlds largest cryptocurrency exchange, has released its decentralized version, Binance DEX, for public testing on Feb. 20.
According to an announcement from the company, their decentralized exchange is up for public testing, where users can create wallets, exchange tokens, or generally interact with the platforms interface. The DEX is powered by a new blockchain, called Binance Chain, which aims to allow traders to participate as individual nodes and hold onto their private keys.
The blockchain explorer for the new blockchain network has also been revealed, and while the launch of the testnet brings us one step closer to the final launch of the Binance DEX, the exchange will still need to gather valuable feedback from its community. The launch date of the public test was announced by Binance CEO, Changpeng Zhao, in a tweet last week:
According to a 45 min. log Twitter Q&A, Zhao revealed that Ledger Nano S and Trust Wallet have already been integrated with the Binance DEX, and that more wallets are to come. He further claimed that the DEX can handle the same volume as Binance.com does today. Zhao also revealed that the price for listing on the exchange will be close to $100,000.
In their official blog, Binance announced they will be looking to migrate Binance Coin (BNB) to the Binance Chain upon its final launch, in order to become the native coin of the blockchain, and be used for fees and other transactions.
- 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.