Crypto Trading Giant Binance to Launch Decentralized Exchange

Cryptocurrency exchange giant Binance announced Tuesday that it will launch its own “tailored blockchain” in an apparent first step toward building a decentralized exchange (DEX). The Hong Kong-based company — which regularly ranks as a top-three cryptocurrency exchange as measured by daily trading volume — made the announcement in a blog post, explaining that Binance Chain will “mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets.”

The company said that it made the decision to launch Binance Chain after conducting extensive research into currently-existent DEX frameworks.

Decentralized Exchanges allow users to trade cryptoassets without entrusting their coins to third parties, whose centralized platforms provide hackers with lucrative attack vectors and have collectively lost more than $1 billion worth of assets to thefts during the industry’s short history.

Reference: https://www.ccn.com/crypto-trading-giant-binance-to-launch-decentralized-exchange-and-public-blockchain/

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