The CEO of Binance Changpeng Zhao used the firms' Twitter account to confirm the opening of a DEX mainnet in Singapore. A DEX is a decentralized exchange and this news was met with prices surges in trades following the announcement. Analysts have predicted that BNB (Binance Coin) will double in value shortly after a mainnet DEX launch.
The Binance DEX, which will be launched in Singapore, will support trades against the Singapore Dollar. The Binance CEO, better known among the Binance community simply as CZ, earlier promised to offer a fiat-to-crypto exchange. The promise came early fall of 2018 and part of the promise was to start in Singapore. If the exchange does happen this month, then he will have delivered on that promise in record time according to industry insiders.
He further promised, at that time, to have an exchange on almost every continent. He wrote in October of last year that the funds provided Vertex Ventures would be used to start up the Singapore based DEX. A beta version testnet of the platform had already been made available to community members in September of that year.
CZ has not allowed Binance to slow down, as he has been quoted many times before saying that once the bear market is over, he wants Binance to come out on top. They recently opened up another exchange in Jersey. This exchange has been offering trades in Euros and UK Pound Sterling for the last few months. This was preceded by an exchange based in Uganda. The Ugandan exchanged was opened last year in the summer.
The testnet was opened to the general public in February of this year. The platform will use Binance's own blockchain – Binance Chain. The specially developed blockchain has allowed Binance to use it as a native blockchain for its most ambitious projects. Binance Chain is based on Bitcoin, which means it is completely transparent. It is not a blockchain that welcomes anonymous transactions and operations.
The entire integrated platform Binance Coin, Binance Dex, and Binance Chain will work on all platforms according to the company. That means iOS, Android, MacOS, Windows and Linux – though the company has not ruled out adding support for other systems in the future.
In an effort to combat scam coins, the listing fee for the new Singapore based Binance DEX will start at $100 000. The company is sure that a fee this high will keep any malicious coin listers at bay. They do not want to be associated with some of the ICO disasters that have happened in the past.
There will be a fee in BNB for every transaction on the DEX. Many in the industry see this as a transparent attempt to force the use of their own coin and to create the illusion of usage where there is no basis for it. This news has rubbed some in the industry the wrong way, but other features of the DEX, such as the mnemonic key for wallets has helped soothe over most naysayers.
The jury will be out on how Binance handles the launch of their DEX in Singapore. It is a move that could either make or break the company according to many.
Author: Ali Raza. Article For: Crypto-Rating.com
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