Binance Launches DEX, Doesn't Yet List Trading Pairs

Digital asset exchange Binance today announced the launch of its much anticipated decentralized crypto Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term called Binance DEX.

This followed Binance’s launch of its proprietary blockchain - Binance Chain - last week, which will work as the backbone of the decentralized exchange.

.@Binance Chain/DEX related services;

- Web Wallet - Explorer - REST API - Accelerated Nodes Are now LIVE! Trading on #Binance DEX will go live as soon as the first trading pair is listed at a later date (TBA).https://t.co/003nYLLVX4 pic.twitter.com/yRI9Yq2MNn — Binance DEX (@Binance_DEX) April 23, 2019

Commenting on this development, Changpeng “CZ” Zhao, CEO of the exchange, said: “We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system.”

“With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem.”

Centralized vs decentralized

Decentralized exchanges are much closer to the core concept of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term than the existing centralized crypto exchanges. DEX platforms operate on a blockchain and do not store clients funds on the platform for the purpose of trading. Users can trade crypto assets directly from the funds stored in their wallets.

Binance, in the initial phase, has included support for an array of wallets including Ledger, Enjin, Magnum Wallet, CoolWallet, Coinomi Wallet, Atomic Wallet, ZelCore Wallet, Infinito Wallet, Math Wallet, Ellipal Wallet, Guarda Wallet, Exodus, and its native Trust Wallet to its DEX platform.

Though users of the decentralized exchange have access to the blockchain explorer, wallet, public data nodes, and even APIs, the exchange did not list any trading pairs on the new platform. The official announcement only specified that “trading will begin at a later date.”

DEX - the new trend in the crypto industry

Binnace’s market competitors are also in the race to launch a decentralized platform. Last month, Malta-based OKEx revealed its plans to launch a similar decentralized platform while Huobi is already on its way to evolving into a standalone DEX.

Meanwhile, Binance Coin, the native currency of the Binance Chain, is becoming very popular in the community and has gained more than 25 percent in the last 7 days, as seen on Coinmarketcap.com.