How Binance Decentralized Crypto Exchange Beta Launch in 2019 Will Impact the Market

Binance, the world’s largest crypto exchange by daily trading volume, is set to launch a beta version of its decentralized exchange (DEX) by early 2019.

CCN
Joseph Young in Blockchain NewsNewsUncategorized
How Binance Decentralized Crypto Exchange Beta Launch in 2019 Will Impact the Market
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Binance, the world’s largest crypto exchange by daily trading volume, is set to launch a beta version of its decentralized exchange (DEX) by early 2019.

Changpeng Zhao, the CEO of Binance better known to the community as CZ, said on Saturday:

“Just had a productive meeting for Binance DEX (decentralized exchange), where BNB will be native gas, and the exchange don’t control user funds. Aiming for a public beta end of the year/early next year. Yes, we work on Saturdays, non stop.”

Why is Binance Launching a DEX?
In July, on CNBC Crypto Trader hosted by Ran Neuner, CZ stated that he personally believes decentralized exchange is the future of crypto.

In the long-term, CZ explained that users will be able to utilize non-custodial wallets to trade cryptocurrencies in a peer-to-peer manner with full control over their funds.

“I believe that decentralized exchange is the future. I don’t know when that future will come yet. I think we’re at an early stage for that so I don’t know if it’s a year, two years, three years, or five years. I don’t know but we got to be ready for it,” he said.

Changpeng Zhao, the CEO of Binance better known to the community as CZ, said on Saturday:

“Just had a productive meeting for Binance DEX (decentralized exchange), where BNB will be native gas, and the exchange don’t control user funds. Aiming for a public beta end of the year/early next year. Yes, we work on Saturdays, non stop.”

As a centralized cryptocurrency exchange, most of its revenues and profits are generated by the fees charged by the exchange. But, decentralized exchanges can also charge a native fee embedded into the smart contracts utilized by the platform to broadcast transactions to the mainnet of public blockchain networks like Ethereum.

In October of last year, Ethereum co-creator Vitalik Buterin praised a model utilized by EtherDelta, a decentralized exchange, to incentivize developers for maintaining the platform.