Binance Coin to Power Binance DEX, BNB Coin To Be Used As Gas On Binance Decentralized Exchange
The virtual currency exchange Binance has hinted at the upcoming launch of its decentralized exchange (DEX). According to Changpeng Zhao, CEO and founder of the platform, Binance Coin (BNB) will be used as native gas on the future DEX. The information has been released by Zhao on Twitter a few days ago.
Binance Coin to Power Binance DEX
Binance Coin is the virtual currency created by the cryptocurrency exchange Binance. Nowadays, it can be used to pay for fees at the exchange. Those who use it receive an important discount on the fees paid while trading cryptocurrencies.
However, in the future BNB could be used to power the decentralized exchange that the company is building. Changpeng Zhaowrote on Twitter that BNC will be ‘native gas’ for the exchange. The company has released a roadmap
Binance is trying to expand its platform all over the world and not only in the United States. At the moment, Binance is headquartered in the Blockchain island of Malta. The country has been very welcoming to new companies related to blockchain and cryptocurrencies. The European country offers clear rules and a stable legal environment for the industry to grow.
Decentralized exchanges are different than centralized platforms. Nowadays, the most important exchanges on the market are controlled by a centralized party. The same happens with the funds that users have deposited on their accounts. This clearly increases the risks for the user since these platforms are vulnerable to attacks and hacks.
In the past millions of dollars have been lost due to hackers attacking cryptocurrency exchanges.
Decentralized exchanges work in a different way. There is no centralized party controlling users’ funds, meaning that they are not at risk. However, centralized exchanges are faster and have better usability than decentralized platforms. Binance could change that offering a user-friendly product that would allow users to trade on it seamlessly.. .
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