On 9 August, Changpeng Zhao, the CEO of cryptocurrency trading platform, Binance, declared about a demonstration of decentralized platform trading through a tweet.
In a six-minute video added to the tweet, Zhao presented a demo in the form of “casual, early and pre-bid” for the exchange. The CEO said that he was not expecting far too much at the moment, adding he does not have a graphical user interface at present.
Zhao showed three main characteristics of planned exchange, namely the token creation, listing, and trading. Since Zhao did not announce the release date, it remains to be seen when the stock will be put on the market and what volumes it can process.
Decentralized exchanges are considered safer than their central counterparts, which are more vulnerable to hacking. Decentralized platforms are configured so that users can retain the ownership of their tokens with the help of private keys. This solution seems to prevent the accumulation of cryptocurrency in a centralized point of attack.
Recently this month, Binance acquired Trust Wallet, an open-source decentralized portfolio that supports Ethereum and more than 20,000 different tokens of Ethereum. Zhao then stated that Binance intended to include the Trust Wallet as the standard portfolio in its decentralized exchange.
Binance that moved its activities to Malta this spring, according to CoinMarketCap, is the most important crypto exchange in terms of transaction volume. In July, the exchange supported plans to create a bank based on the blockchain with ownership on the basis of the token. The Founders Bank of the future would be dominated by investors of digital tokens and its headquarters in Malta, known for its strong and translucent crypto regulatory environment.
The withdrawals and deposits of YOYO, which was stopped recently, are now opened. Binance has declared that it has completed YOYO main-net token swap.