Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
April is going to be a big month for Binance as the company plans to set up an office in Singapore along with the mainnet launch of its decentralized exchange (DEX).
Despite the cryptocurrency market slowdown, Binance – the world’s second-largest crypto exchange plans to scale further. Binance CEO Zhao Changpeng announced that the company will launch a new fiat-to-crypto exchange in Singapore by the end of this month. On Wednesday, April 3, Binance’s official Twitter handle wrote about this.
"#Binance Singapore will come online in April. It will be our next Fiat to Crypto exchange servicing $SGD " – @cz_binance #deconomy2019 #Binance
— Binance (@binance) April 4, 2019
On Thursday, Changpeng Zhao made the official announcement while attending the ongoing Deconomy conference in Seoul. Binance’s plan to enter Singapore’s crypto-friendly market dates back to September 2018. Over the last few months, Binance has been beta testing the platform as things seem to have reached the final stage.
Although the plan to launch the crypto exchange in Singapore is final, Zhao didn’t shed any additional details on this. However, Binance has stayed firm when it comes to its global expansion plans. Last year in 2018, Binance expanded its reach to a number of major crypto markets like Malta, South Korea, and Uganda.
Earlier this year in January 2019, Binance launched its exchange in the Island of Jersey, a British Crown Dependency. The platform allows its users to purchase crypto against fiats like the British pound and the euro.
Proceeding Ahead With the Launch of Binance’s DEX Platform
In addition to opening a new office in Singapore, Binance also plans to launch its decentralized exchange (DEX). Binance has been working on its DEX project since the last year. The exchange tweeted that it will go ahead with the mainnet launch of Binance DEX ahead this month.
"@Binance_DEX anticipated mainnet launch will happen this month" – @cz_binance #deconomy2019 #Binance
— Binance (@binance) April 4, 2019
Describing what Binance DEX would be like, Binance CEO Changpeng Zhao said:
“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 your assets.”
Binance’s decentralized exchange is developed on the company’s native public blockchain network called the Binance Chain. The public testing for the Binance DEX platform went live in February 2019. The Binance DEX has a very similar interface to its existing centralized exchange.
The company notes:
“With the core Binance Chain technology, Binance DEX can handle the same trading volume as Binance.com is handling today. This solves the issues many other decentralized exchanges face with speed and power.”
Binance Adds Additional Features to Its Trust Wallet
Besides the development of its DEX platform, Binance also plans to introduce some functionality updates to its Trust Wallet software.
The Trust Wallet comes with a special feature called staking. It “involves the act of holding cryptocurrencies as part of the process of running blockchains that use [a] Proof-of-Stake consensus mechanism”. Moreover, it also gives users “the ability to vote on changes in the blockchain and receive income for validating transactions.”
Last month in March 2019, the Binance Trust Wallet announced support for the XRP token along with adding the support for credit card payments. The extended support for credit card payments means that the decentralized Trust wallet can also function efficiently as a decentralized exchange.