Changpeng Zhao (popularly known as CZ), the CEO of popular cryptocurrency exchange Binance has shared a sneak peek of the current progress of its future Decentralized Exchange (DEX) 'Binance Chain' in a tweet. It contains a six-minute demo video showing three essential features of the planned exchange - issuing, listing, and trading of tokens.
In the video, CZ said it is a rough, early and pre-alpha demo of the decentralized exchange and not to expect too much, for now, adding that it currently does not have a graphical user interface.
A first (rough, pre-alpha) demo of the Binance Decentralized Exchange (DEX), showing issuing, listing and trading of tokens. All cli based, no GUI yet. A small step for #BinanceChain, a big step for #binance. https://t.co/2aXkR0gclP— CZ (not giving crypto away) (@cz_binance) August 9, 2018
CZ did not disclose the launch date. It remains to be seen when the Binance Chain will be publicly rolled out and what volumes it will handle. A decentralized exchange is the one which does not rely on a third-party service to hold the customer's funds. Instead, trades occur directly between users (peer to peer) through an automated process.
Binance first announced its plan of launching a decentralized exchange Binance Chain in March of this year. It had said that as a public blockchain, the decentralized exchange will focus on performance, ease-of-use, and liquidity.
Binance has been on the development and expansion spree. Earlier this month, the exchange in its first ever public acquisition, bought Trust Wallet, a secure mobile wallet that supports Ethereum and over 20,000 different Ethereum-based tokens.
Binance, which moved its operations to Malta earlier this year, has also invested in Malta-based upcoming Founders Bank. It has reportedly bought a 5 percent stake in the Bank, along with other anchor investors, at a $155 million pre-money valuation. Once licensed, the Founders Bank would be the first decentralized and community-owned bank in the world, signaling the possible future of the banking industry. Binance is just over a year old (having started off in July 2017) and is already expecting its profits to reach $1 billion in 2018.