The new exchange will work in conjunction with Binance Chain, the companies newly developed native blockchain which will utilize Binance Coin (BNB) as its currency. Binance Chain will be a fully functional, standalone blockchain that will feature its own block explorer similar to those used by most native chains, giving users the ability to search for transactions, wallet addresses, fees, transfer times and other important blockchain details.
A new decentralized web wallet will also be included in the launch, allowing users to trade a multiple of assets in a direct, peer-to-peer fashion with the aid of BNB coin to facilitate swaps. Additional features mentioned in the press release include an option to propose new trading pairs, issue new tokens, and send, receive, burn, freeze or unfreeze tokens.
The value of Binance coin increased by almost 20 percent yesterday following the announcement and additional news that accommodation platform Tripio will be adding BNB coin as a payment option. The new addition will give Binance’s 10 million strong userbase the ability to book and pay for accommodation using BNB coin at any of Tripio’s 450,000 hotels, guesthouses and apartments around the world.
Binance Coin (BNB) is currently up 8 percent over the past 24 hours, trading just above $6.00 and with a market cap of $787 billion.
The Binance DEX is scheduled for launch in the first quarter of next year.