Today marks the birth of a new genesis block. Binance DEX launch on top of the Binance Chain is going to happen soon. Just a few minutes ago, Binance noted that on Twitter.
The article was updated on 12 December, 2019 by Amicus.
18 April, 2019, | AtoZ Markets – The first time Binance CEO Changpeng Zhao mentioned the “Binance DEX” term a year ago. He noted then that their public blockchain Binance Chain would host millions of coins and thousands of blockchains. Back in December 2018, Zhao confirmed that Binance would be launching its decentralized exchange-Binance DEX platform-built on top of Binance Chain.
The Binance DEX And Binance Chain Launch Chronology
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 that an upcoming BNB (Binance Coin) would be the native coin of the Binance DEX. That 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. And it is trading at that moment at 5.54, from a high of 6.67. Later, in February 2019, the company announced that the Binance Chain testnet would go live. And the CEO of Binance, Changpeng Zhao, noted that public feedback would be much helpful to develop further and refine the project.
The Binance DEX Launch is a Matter of Hours
It is rising enthusiasm in the crypto community. But it remains unclear whether the Binance Chain launch will happen on the same day as Binance DEX release.
Alongside the main net for Binance Chain, the company intended to launch the game-changing platform “by the end of the month.” In a recent interview at the Paris Blockchain Week, Binance CFO Wei Zhou claimed that.
Wei Zhou added that his firm is “almost there, very close” to disrupting its business model. That is by launching an exchange not subservient to centralized servers and high fees. The crypto experts forecast that the Binance DEX launch most likely will happen today in the next few hours. If they are right, after nearly ten months of waiting, users of a well-known crypto-exchange will get access to workable and eminent DEX. It will support its offerings against the background of a bear market.
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 the Binance Chain will launch. But the company wants 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. Also, it is launching support for credit card payments on Binance.com.
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