Binance has given the public a sneak peak of its new decentralised exchange (DEX), in a video recently posted on its official YouTube channel.
As part of its stated drive to create an all-encompassing blockchain infrastructure, the new DEX is being developed on the in-house chain that is going to be the foundation of BNB – Binance’s trading currency, which is an ERC-20 token at the moment.
In the video the company highlights the main features of the upcoming exchange, including its web wallet, integrated block explorer, trading interface, and the option to created ether a store file and password or mnemonic or 24-word seed phrase.
It is also revealed that further options will be made available, though it doesn’t confirm if they will take the form of a hardware wallet or MetaMask. Importantly, Binance reaffirms its previously stated commitment to ensure users maintain complete control over their funds, with the ability to access and export their private keys.
The video also highlights the easy-to-use “contingent block explorer”, which will give users access to the functionalities of a block explorer, including allowing date inquiries for blocks, addresses, transactions and orders.
In terms of the interface, not much seems to have changed compared to the existing Binance.com one, with just a few noticeable differences like an account balance on the lower left, and a wallet address dropdown in the top right.
However, no mention is made as to whether the DEX will include any know-your-customer (KYC) account verification – something which is becoming a critical component for exchanges to be compliant and sustainable in the long-term. Likewise, there is no mention of cross-chain transactions for BNB, or indeed the other cryptos it will trade against.
Malta-based Binance is currently the world’s largest crypto exchange, and has publicly stated ambitions that go far beyond cryptocurrency to encompass created an entire global blockchain-based infrastructure and ecosystem.
The video says the new DEX will be made available on a test net soon.
Check out the official Binance DEX sneak-peak video below: