Binance Releases Demo of Decentralized Exchange

The CEO of cryptocurrency trading platform Binance Changpeng Zhao announced a demo of the platform's decentralized exchange in a tweet today, Aug. 9.

In a six-minute video attached to the tweet, Zhao presented a "Casual, early, pre-offer" demo of the decentralized exchange.

A first demo of the Binance Decentralized Exchange, showing issuing, listing and trading of tokens.

As Zhao did not disclose the launch date, it remains to be seen when the exchange will be marketed and what volumes it will be able to handle.

Decentralized exchanges are lauded as more secure than their centralized counterparts, which are more vulnerable to hacks.

Decentralized platforms are set up in a manner which allows users to retain ownership of their coins using private keys.

Earlier this month, Binance bought Trust Wallet, an open source, anonymous, and decentralized wallet that supports Ethereum and over 20,000 different Ethereum-based tokens.

Zhao then said that Binance plans to list Trust Wallet as a default wallet on its decentralized exchange.

Binance, which moved its operations to Malta this spring, is the number one crypto exchange by trade volume, according to Coinmarketcap.

In July, the exchange supported plans to create a blockchain-based bank with tokenized ownership.