Adam James · March 14, 2018 · 8:30 am
Following the attempted breach of its systems earlier this month, popular cryptocurrency exchange Binance has announced its plans to evolve its ecosystem by implementing a decentralized exchange.
Binance Keeps Building
Binance, the largest cryptocurrency exchange by volume, announced on Tuesday that the company is currently developing its own public blockchain for the transfer and trading of digital assets.
The network will be called Binance Chain and is set to provide cryptocurrency traders of all kinds with a decentralized exchange by removing the need for a third party when holding or trading digital assets.
Wrote the company in an official statement:
As a public blockchain, Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets. Binance Chain will focus on performance, ease-of-use, and liquidity.
Binance Coin (BNB) is also set to receive an upgrade in the form of its own blockchain mainnet — which immediately caused the price of the cryptocurrency to go vertical, from $7.90 t0 $11.00, in a matter of minutes. At press time, the coin is trading at $9.90. Stated the company:
Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet, becoming a native coin. At the same time, Binance will transition from being