The major cryptocurrency exchange Binance has recently launched the testnet of its new decentralized exchange named Binance DEX, according to a press release that was shared with Cointelegraph on February 20th. The PR made the crypto news today mostly because of the advancement of this exchange.
According to Binance, the exchange is powered by Binance Chain which is a new blockchain and peer-to-peer (p2p) distributed system which is already available for customers. With it, users can create wallets and start exchanging tokens on the Binance DEX testnet.
The CEO of Binance, Changpeng Zhao (CZ) explained that this new exchange will help users regain control of their private keys. As he commented:
“Binance DEX is a decentralized exchange with a decentralized network of nodes, where you hold your own private keys and manage your own wallet. With Binance DEX, we provide a different balance of security, freedom and ease-of-use, where you take more responsibility and are in more control of personal assets.”
Binance DEX will reportedly support secure decentralized software as well as hardware wallets. Its Trust Wallet will also be integrated with Binance DEX, along with the Ledger Nano S. More wallets will likely be added in the future, as the press release noted.
Meanwhile, BNB is currently up over 12% over the past 24 hours, trading at $10.80 and ranked as the 10th largest coin by market cap by press time.
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