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Binance Chain launch is expected and Binance DEX will follow

Maya Mandz | Apr. 18, 2019
Binance Chain launch is expected and Binance DEX will follow

April 18, 2019, | AtoZ Markets - Just a few minutes ago an international cryptocurrency exchange Binance noted on Twitter that today marks the birth of a new genesis block, giving a hint that Binance DEX launch on top of the Binance Chain is going to happen soon.

The Binance DEX and Binance Chain launch chronology in a brief

The first time Binance CEO Changpeng Zhao mentioned “Binance DEX” term a year ago he noted then that their public blockchain Binance Chain will host millions of coins and thousands of blockchains. Back in December 2018, Zhao confirmed that Binance will be launching its own decentralized exchange-Binance DEX platform-built on top of Binance Chain.

Binance Chain in its turn, as the company’s officials explained, will mainly focus on the simple transfer of assets and the release of tokens. CZ added then that an upcoming BNB (Binance Coin) will be the native coin of the Binance DEX which is likely to be released in early 2019.

After the announcement, BNB  spiked more than 25%, but most of the gains had been erased in a retracement that soon followed.

Later after Binance Coin (BNB) dropped almost 14% (last 24 hours) against the US Dollar, trading at that moment at 5.54, from a high of 6.67. Later, in February 2019, the company announced that Binance Chain testnet will go live and the CEO of Binance, Changpeng  Zhao, noted that public feedback would be much appreciated to further develop and refine the project.

The Binance DEX launch is a matter of hours

Despite the raising enthusiasm in the crypto community, it remains unclear whether Binance Chain launch will happen on the same day as Binance DEX release.

In a recent interview at the Paris Blockchain Week, Binance CFO Wei Zhou claimed that alongside the main net for Binance Chain the company intended to launch the game-changing platform “by the end of the month”.

Wei Zhou added that his firm is “almost there, very close” to disrupting its own business model by launching an exchange not subservient to centralized servers and high fees. The crypto experts forecast that Binance DEX launch most likely will happen today in the next few hours. If they are right, after nearly 10 months of waiting, users of a well-known crypto-exchange will get access to workable and eminent DEX, supporting its offerings against the background of a bear market.

The announcement comes with staggering profits in the crypto market

As the crypto community notes, the release of both projects comes with the firm's huge profits against the background of the ongoing “crypto winter”. According to the latest media reports, the Binance platform earned $78 million in Q1. In Q4, the exchange earned a relatively measly $47 million (but over $400 million in 2018 overall). The numbers indicate, that the largest crypto exchange’s profits are up 66% quarter-over-quarter.

Singapore Fiat On-Ramp to release next

The crypto community indicates that if the Binance Chain launch happens the company is expected to follow that up with its Singapore-based fiat-to-crypto on-ramp inaugural trading session. Commenting on the Binance future plans, Zhou stated :

next week we are going to launch the Singapore simple buy/sell on-ramp.

In recent months, the company has also launched fiat-supported portals in the United Kingdom region of Jersey, Liechtenstein, and Uganda, while launching support for credit card payments on Binance.com.

What do you think? Please share your thoughts with us in the comment box below.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.