Crypto Giant Binance Reveals New Blockchain For Its Upcoming Crypto Trading Platform
Binance which is one of the most popular cryptocurrency exchange companies announced on Tuesday that it plans to launch a new public blockchain through which a new decentralized crypto exchange will be created.
The idea behind the company’s plan is to create a system in which both centralized and decentralized exchanges will exist side by side in the future. The new blockchain will be called the Binance Chain and it will be used to facilitate the transfer of blockchain assets as well as trading. The announcement also highlights Binance’s plan to shift from simply being a company to becoming a community.
Binance also announced that its upcoming blockchain will also allow it to transfer the ERC20 token which is the native Binance token onto the new blockchain. The exchange currently operates the token on the Ethereum network. Meanwhile, there has been no word on whether there will be any swap involved for holders of the ERC-20 token.
Binance has been one of the beneficiaries of the cryptocurrency boom and that is evident by its rapid growth. It has become the most popular and largest crypto exchange platform by volume within just six months. The announcement of the upcoming blockchain is not the only positive news to be announced by Binance. The company previously announced the launch of a bounty program for tracking the hackers who recently tried to steal funds from Binance users. The company stated that it would offer BNB tokens worth $250,000 to anyone who provides any information that would contribute towards the arrest of anyone involved in the attempted hack.
The announcements had a positive impact on the price of the BNB token which recorded an uptick in performance with the price of the token at $10.3 at the time of this press. As for the new blockchain, it is important to note that the difference between centralized and decentralized exchanges is that a decentralized one does not depend on third parties to hold funds on behalf of the customer. The announcement of the new blockchain also highlights Binance’s desire and efforts aimed at growth.
In one of its statements, Binance pointed out that: “We believe that continuously supporting high-quality blockchain projects is the best way to develop this industry. We will continue to improve this part, as we committed in our whitepaper. However, for Binance, this is far from enough.”