Binance Steps Up Plans For Decentralized Exchange With New Video

World’s largest crypto exchange, Binance has released the second preview of their soon to be launched Decentralized Exchange (DEX), which will support “millions” of cryptocurrencies.

Binance CEO, Changpeng Zhao revealed the new trailer in a tweet on Nov 4 and confirmed that new features will still be added to the DEX before it is rolled out.

In the video, Binance introduced an updated interface that prioritizes user experience, a new wallet interface, and block explorer.

Prospective users will get the chance to try out a testnet version of the Binance Decentralized Exchange “very soon,” according to Binance developers.

The latest update follows yesterday’s report that Binance Chain, a blockchain network being developed by the exchange will be made commercially available in the coming months.

In the midst of the bearish market, Changpeng Zhao told traders that the crypto markets are not going away, and one can only be right to believe that Binance are already preparing for the next bull run

Binance Centralized Exchange Vs. Binance Decentralized Exchange

The new service planned by Binance will not be in the same version as the current centralized exchange being operated by the company.

On Binance DEX, there will be no central database or storage used by the firm to keep user data. Everyone will be in charge of their trading activities using their private keys.

One major benefit of such a Decentralized Exchange is that it reduces the risk of hacking the crypto exchange just as we have witnessed in the past with Bitstamp, MT Gox, and Coincheck.

Even though Binance has never had any serious hack issue since its launched in 2017, setting up a Decentralized Exchange, will allow them to mitigate any risks of that happening in the future.