Global cryptocurrency exchange Binance will launch the test network of its much anticipated decentralized exchange on February 20, revealed the exchange’s CEO Changpeng Zhao on Twitter.
Finally got a date. Targeting to release Binance Chain testnet (@binance_dex) for public testing on Feb 20th. This is a testnet, your feedback would be most valuable.
— CZ 🔶 Binance (@cz_binance) February 12, 2019
As confirmed by Zhao, the test network will be available for public testing.
The idea of Binance’s decentralized platform first surfaced last year. The main purpose behind Binance DEX is to remove the liability and security issues of the centralized exchanges and thus providing a decentralized solution for crypto trades.
Will Dex Replace Existing Binance Exchange?
While first announcing the platform, Zhao mentioned that the decentralized platform might run parallel to the existing Binance exchange or completely replace the centralized crypto exchange of Binance. The final decision will be taken based on customers’ feedback.
According to the previously shared details of the platform, the decentralized exchange will also support hardware wallets. Zhao is confident that this will create a transparent and secure system as the customers will have control of their private keys.
“Binance DEX works very similar to bitcoin,” Zhao explained. “So most transactions are transparent. There’s no hidden transactions or private transactions.”
Binance DEX will support hardware wallets from day one of launch. So that you can be sure you private keys never leave your device.
— CZ 🔶 Binance (@cz_binance) January 27, 2019
Last week in an ask-me-anything session on Twitter, Zhao revealed that the firm has already given access to the platform to a few “selected partners” including wallet developers and blockchain explorers to ensure better integration of third-party services.
He also detailed that the platform will have a listing fee of $100,000 to eliminate “spam or scam projects.”
Last month, Binance opened a subsidiary in Jersey to offer fiat-to-crypto trading options to its European clients. The platform also partnered with Simplex to start accepting credit card payments for the purchase of Bitcoin, Ethereum, and Litecoin.