The major crypto exchange launched the Testnet of its new decentralized exchange, called Binance DEX, according to one press release which was shared on the 20th of February on various websites.
The exchange already available for customers
According to Binance, the exchange which is powered by Binance Chain, which is a new blockchain, as well as peer-to-peer or P2P distributed system, is already available for customers. The users may create wallets, and begin exchanging tokens on the Binance DEX Testnet.
Changpeng Zhao, the CEO, explained that the new exchange is going to help users regain their control over their private keys.
He said that DEX is a decentralized exchange which has a decentralized network of nodes, where you hold your own private keys, as well as manage your wallet. With its help, users are provided with a different balance of security, freedom, as well as ease-of-use, where they can take more responsibility, as well as be in more control of their personal assets.
What will Binance DEX support?
Binance DEX is also going to support secure decentralized software and hardware wallets. The Trust Walle is going to be integrated with Binance DEX, together with the Ledger Nano S. More compatible wallets are going to be added soon, according to the press release.
Earlier in this week, Binance has announced that Binance Coin or BNB, which is now an ERC20 token, is going to be moved to the Binance Chain, to become a native asset.
Zhao has claimed that Binance Chain can achieve one-second block times, reportedly 10 to 20 times faster than the Bitcoin or BTC and Ethereum or ETC blockchains.
The rumors about expanding in other new countries
Right now, BNB is up over 12% over the past 48 hours, trading at $10.80 and ranked the tenth largest coin by market cap by press time.
Some promises of testnet release for Binance DEX had also circulated since December of last year, but the exact date was just announced during this month.
In January 2019, it was rumored to have some plans of expansion into a few new countries, which include Singapore, South Korea, Malta, Liechtenstein, Argentina, Turkey, Russia, and Bermuda. But, a company representative at that time could only confirm Malta and Singapore.