Binance has shown that it is not one to be deterred by the recent crackdown on crypto trading platform, 1Broker, by signifying its intent to launch its own decentralized cryptocurency exchange in the near future.
Binance, popularly known as the best exchange all over the world, has revealed plans to test uncharted waters, as it looks to launch its first decentralized cryptocurrency exchange, DEX in the first quarter of 2019. It was reported that the exchange company tested the demo version of its decentralized crypto exchange in August.
Binance’s Bullish Rise
Binance, which recently launched a fiat exchange platform in Singapore, is currently the largest cryptocurrency exchange in the world, and it is only more astonishing given the firm was only founded last year, 2017. Despite its short span of existence, it has surged up rankings and has become even more popular than old exchanges such as Coinbase.
Binance CEO, Changpeng Zhao recently discussed the ongoing project with CNBC Crypto Trader’s Ran NeuNer in an interview. He explained the sudden interest of the firm in decentralized exchanges as he sees them becoming a significant determinant in the future. He said:
“I believe that decentralized exchanges are the future. I don’t know when that future will come — I think that we are at an early stage for that, so I don’t know if it will be a year, two years, three years or five years, but we have to be ready for it. We (Binance) are now actively investing our efforts, our time into this [space]. We have a dedicated team working on this.”
Zhao’s comment might suggest that the Binance’s DEX is still some years away from realization or implementation. However, the subtle insinuation is not valid given the CEO had previously cleared the air. Zhao made the important announcement first in a tweet where he uploaded a brief video showing the demo of Binance Decentralized Exchange with issuing, listing trading of tokens.
He ended his tweet by relaying the arrival of the DEX public beta which has been set for the end of the year, or early beginning of 2019.
Although, it is almost certain that the firm’s decentralized platform would hardly gain significant traction or adoption, it is, however, a positive step towards the end of the war on decentralization.