Binance Coin price (BNB/USD): Binance launches testnet for decentralised exchange

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Written on Feb 20, 2019
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The world’s largest digital currency exchange by trading volume, Binance, has launched the testnet for its decentralised crypto trading platform, industry website Coindesk has reported.

Starting today, the new platform, called Binance DEX, is available for public testing and users can now create their own crypto wallets and interact with the platform’s interface. DEX runs on Binance’s proprietary blockchain, the Binance Chain.

In addition, the company also released a blockchain explorer for the testnet, which allows users to search the blockchain by an individual block, transaction, asset, address or orders id.

“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’s co-founder and chief executive officer Changpeng Zhao said, as quoted by Coindesk. Zhao also added that the Bitcoin Chain had “near-instant transaction finality with one-second block time”.

The company plans to migrate its crypto token, Binance Coin (BNB), from the Ethereum network to Binance Chain.

The token has seen some significant gains and recent weeks. Yesterday it surged to a five-and-a-half-month high of $11.11, according to data from digital currency tracker Coinmarkecap. While the digital coin saw a significant correction in late Tuesday trading, it still finished the session at $10.56, well above its opening price of $9.65.

The Binance Coin saw another big price jump in today’s morning session, rising to as high as $11.32. However, it wasn’t able to maintain the positive momentum and eventually returned to sub-$11 levels.

In today’s trading, the Binance Coin price stood at $10.78, as of 16:38 GMT. The coin has gained just over 3% in the past 24 hours, Coinmarketcap data shows. Its total market capitalization currently stands at just over $1.5 billion, which makes BNB the 10th largest digital coin on the market.

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