Binance, the world’s largest cryptocurrency exchange, is establishing a decentralized exchange

According to the official announcement released yesterday, Binance, the world’s largest cryptocurrency exchange by trading volume, announced that it has developed a public blockchain to create its own decentralized exchange. ” vision inspired them to develop the Binance Blockchain to be used for the transfer and trading of Blockchain assets.. The move will also transform the cryptocurrency exchange from a company to a community.

Binance’s Blockchain will also host its own coin, Binance Coin.

A decentralized an exchange differs from a centralized exchange in that it does not leave the client’s money at the mercy of a third party.. Users trade with other users without the need for a central server, with no central authority controlling the order book.

Decentralized exchanges provide users with greater anonymity and are harder to hack. However, they may be less intuitive for traders and lack some of the features and functionality of centralized exchanges.

Binance’s statement on the decentralized exchange is also noteworthy because it came after the hack on March 7.

Binance Coin’s big jump

The news that Binance will create its own blockchain for the decentralized exchange has significantly increased the price of Binance Coin as well. In the minutes when the news went live, the price of BNB seems to have appreciated by about 30 percent.