Binance’s CEO Changpeng Zhao (CZ), has recently revealed plans to launch Binancechain. The announcement was formalized through the company’s Twitter account:
“Binance is pushing for blockchain adoption and doing many things to help advancement of the industry. e.g we will have the Binance chain ready in the coming months, on which millions of projects can easily issue tokens.”
The company is claiming that this would help in getting a wider adoption of the DLT apart from the obvious result of extending the Binance ecosystem even further. This was followed up a couple of days later with a preview of additional features being launched with the forthcoming Decentralized Exchange (DEX) as part of its Binancechain project.
The new DEX will have new added features such as fresh user interface, new digital wallet, block explorer, one-second block time for transactions and user ability to control their funds.
Binance has been expanding rapidly & forging partnerships in other jurisdictions. A few months back, it picked up a 5% stake in the Malta-based Founders Bank — set to become the World’s first decentralized bank. This alliance would bring down the barriers further between the traditional fiat-based world & the emerging digital currencies. Binance also extended its footprint in the yet untapped African market with the opening of a fiat-to-crypto exchange in Uganda, where the customers can buy Bitcoin & Ethereum in local currency Ugandan shillings (UGX).
In the short period since its inception, Binance has added an impressive line of products to its portfolio. Apart from becoming the top most digital exchange, following projects are now part its ecosystem:
With the launch of the Binancechain in the coming months, transactions of digital assets would become easier & much more streamlined as Binance exchange would not have to interact with the already busy Ethereum blockchain thus avoiding congestion .
Whilst some critics say that this is going to muddy the waters of an already beaten up Crypto market, this could open up more options & bring new avenues of innovation. We are already seeing dozens of enterprise level solutions being implemented around the World & it is still early days for the technology drive to become complacent.