Cryptocurrency exchanges are always looking for ways to make an even bigger impact. Binance, one of the world’s leading exchanges, has announced their major plans. More specifically, they are looking to set up a new trading platform that is completely decentralized. It is a rather intriguing decision, as it will seemingly “compete” with the platform we all know today.
Binance has quickly become one of the bigger cryptocurrency exchanges in the world. Their altcoin trading volume has reached new heights many times over. It seems this growth also poses some problems for the company. Late last year, they briefly halted signups for a few weeks. That was a first sign of how things need to change sooner or later. It now appears a proper solution in the making, albeit one most people wouldn’t necessarily expect.
A Binance Competitor is Announced
More specifically, it seems a completely new trading platform will be launched. A decentralized version of Binance will come to market in the near future. For now, there is no official release date, but it is expected this development won’t take long to complete. These plans have been in the pipelines for quite some time now, by the look of things.
All we know is how the new platform will be called Binance Chain. The project is in development as we speak, and it seems a lot of currencies will be supported. Which currencies those will be exactly, has yet to be officially determined. It is evident this platform will either rival or complement the existing Binance exchange. Both options are equally as likely right now.
It is good to see more companies embrace the decentralized exchange model. The new platform will also use the BNB currency as gas to power all trading. This will undoubtedly have a positive impact on the BNB price in the coming weeks and months. Given the overall bearish market sentiment right now, this is rather positive news for the industry as a whole. For now, a lot of details regarding Binance Chain remain unclear. More information will become available in the next few weeks and months.
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