Binance Gives Sneak Peek of Its Coming Decentralized Exchange - Bitsonline

Binance Gives Sneak Peek of Its Coming Decentralized Exchange

Earlier this year crypto exchange heavyweight Binance announced the development of Binance Chain, a native blockchain that would back a decentralized exchange in the company’s ecosystem. Now, CEO Changpeng Zhao has pulled back the curtains, offering the “first demo” of the DEX-in-progress. 

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‘Small Step for Binance Chain, a Big Step for Binance’

Announced back in March 2018, Binance Chain seems to be humming along ahead of schedule.

That’s per new remarks from Binance CEO Changpeng Zhao, who, in a YouTube “sneak preview,” showed how their maturing DEX works and said that the demo was “one to two months” early.

Zhao warned not to “expect too much,” characterizing the demo as “casual, early, [and] pre-Alpha.” Even still, in the video a company developer walked viewers through the basic possibilities of token creation, listing, and trading on the coming DEX.

The demonstrated tokenization functionalities were plug-and-go. Though with no graphical user interface yet, the DEX will be considerably more user-friendly and commerce-centric once it’s finalized.

Will the Binance DEX overtake their centralized platform? CEO Zhao is open-minded.

Zhao concluded the video in saying the team was working on the exchange “very aggressively,” highlighting how the company views Binance Chain as a main pivot point going forward. When asked on Twitter whether what the in-progress DEX meant for the company’s current centralized platform, Zhao said “[w]e will let the market decide,” though he suspected they would operate side by side for “some time.”

Money Moves

Zhao and his team have conducted a flurry of expansion-minded moves in 2018.

Back in March, the exchange announced more than $10 million USD in bounties for exposing hackers who have probed their platform and for generally improving security in the space. Then, the exchange made further waves after it declared it was looking at shifting operations to the European island nation of Malta.

A partnership with Changelly and the acquisition of Trust Wallet more recently have shown that exchange’s leadership isn’t intending on slowing down any time soon.

Meanwhile, scammers are making their own money moves. Chistopher Franko, co-founder of the Expanse crypto project, was recently sent an email from an apparent Binance employee asking for a “400 BTC” listing fee. Franko was miffed, but Zhao has pushed back, saying email spoofers were “pretending to be the Binance Listing team.”

Franko still had his doubts, though he later asked for a final listing fee quote to clarify the situation.

As a follow up, Zhao has doubled down in a new tweet, saying, “We don’t list shitcoins even if they pay.”

What do you think? Are you personally interested in using Binance’s forthcoming DEX? Or do you already use your DEX of choice? Let us know in the comments below. 

Images via Binance

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