The world’s largest crypto exchange by its daily trading volume, Binance, is in the latest crypto news – this time for launching a beta version of its decentralized exchange (DEX) by next year. As the founder and CEO of Binance stated on Saturday:
“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.”
The reason why Binance is launching a DEX according to Ran Neuner, the CNBC Crypto Trader, decentralized exchanges are the future of crypto, as he believes. In the long run, Zhao explained that the users will be able to use the non-custodial wallets to trade cryptocurrencies in a peer-to-peer manner with full control over their funds.
As Zhao stated:
“I believe that decentralized exchange is the future. I don’t know when that future will come yet. I think we’re at an early stage for that so I don’t know if it’s a year, two years, three years, or five years. I don’t know but we got to be ready for it,”
The new decentralized exchange by Binance will work in the following way. Most of its revenues and profits will be generated by the fees charged by the exchange – but it may also charge a native fee embedded into the smart contracts used by the platform to broadcast transactions to the mainnet of public blockchain networks such as Ethereum.
As the adoption of cryptocurrencies emerges and fiat money becomes less relevant in the crypto market, traders will likely shift from centralized platforms to decentralized exchanges.
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