Binance, the world’s largest crypto exchange, has launched an initial version of its decentralized trading service (dex) today. It is now available now at testnet.binance.org.
The highly awaited launch is designed to complement the main Binance exchange, which does around $1 billion in daily trading volumes according to data from CoinMarketCap.com.
That core service is centralized, like most others, meaning that the exchange manages its customers’ fiat or Cryptocurrency balance for them. Binance also claims that it offers speed.
“Binance Chain has near-instant transaction finality, with one-second block times. This is faster than other Blockchains today,” said Binance CEO Changpeng “CZ” Zhao in a statement. “With the core Binance Chain technology, Binance DEX can handle the same trading volume as Binance.com is handling today. This solves the issues many other decentralized exchanges face with speed and power.”
The Binance decentralize exchange has been touted as a new revenue driver for the company since it sits on Binance’s own Blockchain with the company operating a number of nodes itself. A recent report from The Block suggested it made a profit of $446 million in 2018, a year which definitely saw drop for the crypto industry across the board.