Cryptocurrency wallet provider, Coinomi has announced its partnership with Binance DEX in a move that would see them provide support for the BNB token.
The world’s leading cryptocurrency exchange, Binance, recently launched its mainnet and its decentralized exchange (DEX). Therefore and as expected, the Binance DEX, which the community at large expects to outperform and even change longstanding worries around DEXs like latency, liquidity and vulnerabilities of algo trading exploitation through front running. Of the many companies supporting Binance DEX is Coinomi, an open source multi-currency wallet. The wallet provider, through a tweet announced their support of the DEX’s native currency, Binance Coin (BNB).
“We are excited to announce that #Coinomi now provides native support for @Binance’s $BNB Mainnet across all platforms!! Over the next few days, you will also be able to access #Binance’s #DEX platform and trade in @Binance_DEX from within your wallet!!”
This latest development is excellent for BNB coin as it will give users an option to store the cryptocurrency. While the BNB token was previously stored on ERC20 supported wallets, Coinomi adding support is a remarkable achievement for the coin that is already printing triple digit gains after bottoming up five months ago.
In total there will be 200 million BNB coins, 48 million of which will be locked and frozen and 11,654,398 burnt straight from the Binance chain. To facilitate a smooth transition, the exchange will assist users and technically every withdrawal request will be a “mechanism to convert ERC-20 BNB tokens into BEP2 BNB tokens”. As we can gauge from the comment thread, users and the general blockchain community are pretty excited, further improving sentiment that took a hit on Apr-25.
At the moment, Binance—after launching their blockchain is swapping ERC-20 based BNB tokens and the announcement is no doubt a boost for users keen on storing their assets away from the Binance Chain. Note that there is no limitation and while are others who would use the BNB coins on Binance DEX and the central Binance exchange, others would love to store the cryptocurrency on wallets in case of future use. For this reason, the support of Coinomi will be outstanding. Coinomi reveals that over the next few days, users will access the Binance DEX platform and trade in the cryptocurrency directly from their wallet.
Binance Chain and DEX Starts On the Right Foot
The launch of the Binance Chain is off to the right start as the cryptocurrency exchange continues to receive support from crypto service providers. While a few cryptocurrency projects expressed the desire to move their tokens to the Binance Chain, there is an expectation that more would follow over the coming weeks and months.
There have been talks amongst cryptocurrency enthusiasts that Binance Chain would provide fierce competition for Ethereum. However, the CEO of Binance, Changpeng Zhao continues to reiterate that Binance Chain is not a competitor to Ethereum since they lack some functions that the Ethereum Network has, such as smart contracts deployment.
Binance maintains that the primary objective of the Binance Chain is to help boost community growth. Besides, it would aid the industry achieve its long-term vision of P2P trading as laid out by Satoshi. For this reason, Binance continues to invite vetted projects to crowd fund right off their platform and thereafter, trade directly off the world’s largest exchange helping them steady thanks to an innovative crowdfunding alternative.