Binance DEX Goes Live Ahead of Schedule, BNB Dumps ERC20 for BEP-2

?The native P2P exchange promised by Binance has gone live slightly earlier than initially planned?

Tue, 23/04/2019 - 10:45

Binance DEX Goes Live Ahead of Schedule, BNB Dumps ERC20 for BEP-2

On April 23, the largest global exchange by trading volume spread the world on its corporate blog about the launch of the long-expected Binance P2P crypto exchange (DEX) ahead of schedule.

A new hope for the “crypto galaxy”

Even though trading on the DEX will start later, the announcement says, users can already deposit their ERC20-powered Binance tokens, and they will be automatically replaced with new BNB coins, issued on Binance Chain, which was also launched recently.

The Binance CEO, CZ, said:

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“We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system.”

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“With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem.”

Binance says that transactions will kick off when coins are created and get listed on the DEX and as soon as trading pairs are formed. This is expected to occur within a short while.

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Token migration

Slightly more than a week ago, the native DLT platform of Binance went live – Binance Chain. BNB was also launched as a native coin on this chain. Currently, Ethereum-based BNB coins are going to be replaced with ‘BEP-2’.

As mentioned above, the replacement can be made on Binance.com.

At launch, the Binance native chain provides support for different crypto wallets. Those include the official wallet of the exchange, Trust Wallet. Also on that list are Ledger, Exodus, Coinomi, etc.

Binance DEX is inviting other digital platforms to issue their coins on Binance Chain.

#Cryptocurrency exchange

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.