One of the world’s largest cryptocurrency exchanges to date, Binance, will release a Testnet of its newly-released decentralized exchange.
Binance’s CEO Changpeng Zhao confirmed the news on February 12th in a Twitter post.
The labor of nearly a year of development, Binance DEX, would provide a decentralized trading platform for crypto holders. Also, the platform will reduce the risks significantly, concerning security and liability found in centralized exchanges.
The launch of the testnet will be public. Binance’s CEO prompts users to leave feedback as the testnet evolves.
One of the critical features of the much-waited Binance DEX will be the support for hardware wallets. Such a feature would allow traders to manage their funds, while also having control over their keys.
The testnet rumors and information hit the news outlets in December. Binance launched an over-the-counter platform to help big traders. Also, the company is working on other means of expansion.
Binance DEX is planned to run side-by-side with the original Binance platform, Zhao stated. “There is an option for Binance DEX to overtake Binance’s main platform completely. We will study market behavior and needs before proceeding.”, Binance’s CEO added.
Binance’s expansion plans include settlement into two new markets throughout the year. The news was confirmed by a company spokesperson last month.