Binance Hints That DEX Launch To Come Today
Mere minutes ago, Binance just pointed this nebulous message (seen below) on Twitter. The firm wrote that today marks the birth of a new genesis block. While it wasn’t explicit what the Malta-registered exchange is referring to, it is clear that it isn’t referencing Bitcoin, but its own in-house chain, Binance Chain, which houses its own decentralized exchange (DEX) and coin, BNB.
As of the time of press, it isn’t clear whether the platform intends to launch both its full blockchain, which is primarily centered around simple asset transfers and token issuance, and DEX on the same day. And, it isn’t exactly clear when this will occur, but it is likely to be within the next few hours.
While this sounds like pure conjecture and hearsay, this isn’t exactly the case. According to a recent report from CoinDesk, in a recent interview at the Paris Blockchain Week, Binance CFO Wei Zhou claimed that his firm intended to launch the game-changing platform “by the end of the month,” alongside the mainnet for Binance Chain itself. He added that his firm is “almost there, very close” to disrupting its own business model by launching an exchange not subservient to centralized servers and high fees.
So at long last, after over 10 months of waiting with bated breath, users of renowned crypto exchange will have access to a spiffy, workable, and big name-backed DEX, bolstering its offerings amid a brutal bear market.
Singapore Fiat On-Ramp To Follow
If today’s launch actually occurs, Binance is expected to rapidly follow that up with the inaugural trading session of its fiat-to-crypto on-ramp based in Singapore. As Zhou told the trade publication, “next week we are going to launch the Singapore simple buy/sell on-ramp,” giving users the opportunity to buy crypto assets (Bitcoin for now) for Singaporean dollars.
In recent months, the startup has also launched fiat-supported portals in the United Kingdom region of Jersey, Liechtenstein, and Uganda, while launching support for credit card payments on Binance.com. The crypto startup has also launched a “Lite” venture in Australia, giving locals a chance to buy BTC for cash.
Staggering Profits In Crypto Crash
These two expected launches come as the firm has registered shocking profits in the ongoing “crypto winter.” As reported by Ethereum World News previously, Binance’s recently BNB burn, the seventh of its kind, saw 830,000 BNB bite the dust, indicating that the platform earned $78 million in Q1. In Q4, the exchange earned a relatively measly $47 million (but over $400 million in 2018 overall), meaning that Binance’s profits are up 66% quarter-over-quarter. Thus, the past three months marked both a strong recovery in the value of Bitcoin (BTC), but the startup’s profits too.
Title Image Courtesy of Marco Verch Via Flickr