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Crypto exchange Binance plans to launch own blockchain platform in coming months

Wed, 05 Dec 2018, 10:58 am UTC

Binance, the world’s largest cryptocurrency exchange in terms of 24-hour trading volume, has announced that its proprietary blockchain “Binance Chain” will be ready in the forthcoming months.

Unveiled earlier this year in March, Binance Chain “will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets.” The platform will focus on performance, ease-of-use, and liquidity.

Speaking at the “Decrypting Blockchain for Business” event hosted by Forbes Asia, Binance CEO Zhao Changpeng said that Binance Chain would enable the creation of new coins and facilitate ICOs.

“Fundamentally, I would like to see payment adoption increase,” said Changpeng. “That’s the original intent, but for some reason that’s not taking off, so we’re pushing really hard into that space.”

In addition, Binance has also released a preview of its planned decentralized exchange (DEX). It said:

“Binance DEX is a decentralized exchange built on top of Binance Chain, an upcoming blockchain where BNB will be the native coin. A community initiative, the DEX is being created with the support of Binance developers and technology, and is set to be released in early 2019.”

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