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According to a press release shared with Cointelegraph on February 20, Binance launched the test network for its new decentralized exchange, Binance DEX.
For Binance, the exchange, powered by Binance Chain – a new blockchain and peer-to-peer (p2p) distributed system – is already available to customers. Users can create portfolios and begin trading tokens on the Binance DEX test network.
Binance CEO Changpeng Zhao explained that the new exchange will help users regain control of their private keys:
"Binance DEX is a decentralized exchange with a decentralized network of nodes, in which you hold your own private keys and manage your own wallet. With Binance DEX, we offer a different balance of security, freedom and ease of use, allowing you to take more responsibility and control your personal badets. "
Binance DEX is supposed to support secure decentralized hardware and software portfolios. The Binance Trust portfolios will also be integrated with Binance DEX, as will the Ledger Nano S. Other compatible portfolios would be added shortly, according to the press release.
Earlier this week, Binance announced that Binance Coin (BNB) – which is currently an ERC20 token – will be moved to Binance to become a native badet. Zhao then claimed that Binance Chain could reach block times of one second, 10 to 20 times faster than Bitcoin and Ethereum block chains.
BNB is currently up more than 12% in the past 24 hours, trading at $ 10.80 and ranking 10th in terms of market capitalization and press time.
The promises of a testnet version for Binance DEX had been circulating since December 2018, but the exact date was only announced this month.
According to rumors, Binance planned in January an expansion in several new countries, including Singapore, Malta, South Korea, Liechtenstein, Argentina, Russia, Turkey and Bermuda. However, a spokesman for the company at the time could only confirm Singapore and Malta.
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