Binance Launches Decentralized Crypto Exchange Testnet

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Major cryptocurrency exchange Binance has launched the testnet of its new decentralized exchange, Binance DEX, according to a press release shared with Cointelegraph on Feb. 20.

Per Binance, the exchange, powered by Binance Chain — a new blockchain and peer-to-peer (p2p) distributed system — is already available for customers. Users can create wallets and start exchanging tokens on the Binance DEX testnet.

CEO of Binance 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, where you hold your own private keys and manage your own wallet. With Binance DEX, we provide a different balance of security, freedom and ease-of-use, where you take more responsibility and are in more control of personal assets.”

Binance DEX will reportedly support secure decentralized software and hardware wallets. Binance’s Trust Wallet will also be integrated with Binance DEX, along with the Ledger Nano S. More compatible wallets will purportedly be added soon, the press release notes.

Earlier this week, Binance announced that Binance Coin (BNB) — which is currently an ERC20 token — will be moved to the Binance Chain in order to become a native asset. Zhao then claimed that Binance Chain is able to achieve one-second block times, reportedly 10-20 times faster than the Bitcoin and Ethereum blockchains.

BNB is currently up over 12 percent over the past 24 hours, trading at $10.80 and ranked 10th largest coin by market cap by press time.

Promises of a testnet release for Binance DEX had circulated since December 2018, but the exact date was only announced this month.

In January, Binance was rumored to be planning expansion into several new countries, including Singapore, Malta, South Korea, Liechtenstein, Argentina, Russia, Turkey and Bermuda. However, a company spokesperson at the time could only confirm Singapore and Malta.