The world’s largest digital currency exchange, Binance, has launched its decentralised crypto trading platform, industry website Coindesk has reported. The move follows last week’s launch of Binance’s proprietary blockchain, which will support the platform.
At the moment, Binance DEX does not offer crypto trading, but users of the platform can open wallets on the platform. Binance told Coindesk that trading would launch “as soon as tokens are issued and listed on Binance DEX, and trading pairs are created”, which the company is expecting to happen in the next few days.
“We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. … With no central custody of funds, Binance DEX offers far more control over your own assets,” the company’s chief executive officer, Changpeng Zhao, said in the announcement, as quoted by Coindesk.
Separately, Binance also launched another highly anticipated platform – its Singapore-based fiat-to-crypto exchange. The exchange allows Singapore-based users to buy cryptocurrency with Singapore dollars. Initially, the platform supports only Bitcoin (BTC), but Binance has indicated that it is looking to add more cryptocurrencies in the future.
Meanwhile, the company’s own crypto token, the Binance Coin, has pulled back from its recent highs. The BNB set a new all-time high of $25.53 on Saturday, following the launch of the Binance Chain. However, the coin has subsequently seen some lacklustre trading, especially in today’s session, during which the coin pulled back to sub-$24 levels. Starting today, BNB is set to migrate to the Binance Chain, from the Ethereum network, which has hosted the token since its launch in 2017.
In today’s trading, the Binance Coin price stood at $23.88, as of 13:38 BST. The digital coin has lost 2.8% of its value over the past 24 hours, according to data from digital currency tracker Coinmarketcap.