Singapore, SINGAPORE – Speaking to some of Asia’s wealthiest families on the stage of Forbes Asia Forum: Decrypting Blockchain, the CEO of the Binance Changpeng Zhao (CZ) revealed that the company’s public blockchain dubbed Binance Chain will be released very soon – within the next “couple of months or so.”
As of today, the team has posted a sneak preview of their decentralised exchange (DEX). A quick glance at the comments section shows that users are optimistic about the launch.
A community initiative, the DEX is being created with the support of Binance developers and technology, and is set to be released in early 2019. – Binance
Binance has previously announced that it will be launching Binancechain, a proprietary blockchain that will be used to host tokens and pay for trading fees. Binance’s native currency (BNB) is an ERC-20 token, meaning it is built on the Ethereum blockchain. CZ wrote on Twitter a few months ago that BNC will be the ‘native gas’ for the exchange.
Just had a productive meeting for #Binance #DEX (decentralized exchange), where $BNB will be native gas, and the exchange don't control user funds. Aiming for a public beta end of the year/early next year. Yes, we work on Saturdays, non stop!
— CZ Binance (@cz_binance) September 29, 2018
Its current purpose is to help users save on trading fees. When users pay for trading fees with BNB, they save 25% on the cost of their orders. Operating on the Binance blockchain will mean that the exchange won’t have to interact with the Ethereum chain, which has dealt with congestion problems in the past.
Binance is trying to expand its platform all over the world and not only in the United States. At the moment, Binance is headquartered in the island of Malta. The country has been very welcoming to new companies related to blockchain and cryptocurrencies. The European country offers clear rules and a stable legal environment for the industry to grow.