Binance DEX and Binance Chain enter public testnet phase

Binance, the world’s largest cryptocurrency exchange by 24-hour trading volume, has announced that its blockchain platform Binance Chain and decentralized exchange Binance DEX have entered public testnet phase.

Binance CEO Changpeng Zhao had recently announced that the company was targeting February 20 to launch the public testnet.

Cointelegraph reported that Binance DEX is powered by Binance Chain and is already available for customers. Users can easily create wallets and start exchanging tokens using the platform. Binance said in an online post:

“[W]e want to ensure the creation of a blockchain that will serve as an alternative marketplace for issuing, using, and exchanging digital assets in a decentralized manner.

“The first use case for Binance Chain is Binance DEX, a new decentralized exchange (DEX) that aims to carry over the best features of the current Binance exchange in a decentralized setting, while also offering the benefits and security of a DEX.”

Zhao said that Binance DEX will enable users to regain control of their private keys.

“Binance DEX is a decentralized exchange with a decentralized network of nodes, where you hold your own private keys and manage your own wallet. 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,” he said.

The exchange is expected to support secure decentralized software and hardware wallets. Binance’s Trust Wallet and Ledger Nano S will be integrated with Binance DEX. The company intends to add more compatible wallets soon.

Binance had previously announced that Binance Coin (BNB) will be moved to its own blockchain to become a native coin.