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Binance enables BNB Mainnet deposits, launches Binance DEX and Singapore fiat bridge

Binance enables BNB Mainnet deposits, launches Binance DEX and Singapore fiat bridge

Binance has announced that users can now make Binance Coin (BNB) deposits and withdrawals on Binance Chain.

Binance CEO Changpeng Zhao tweeted earlier today about burning 5 million Ethereum-based BNB tokens to commence the era of Binance Chain based BNB tokens.

Binance has also launched Binance DEX–a decentralized platform to trade cryptocurrencies where users will own the keys of their wallet, unlike Binance.com where wallets are held by Binance.

Earlier today, Techcrunch also reported about the launch of Binance Singapore, fiat to crypto exchange.

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On the DEX platform, users are responsible for the security of their funds and are required to protect the 24-word security phrase as the key for their private wallet. Apart from the Binance wallet, the decentralized exchange will also support a variety of wallets including Trust Wallet, Ledger, and Enjin amongst others.

While trading pairs or other tokens are not yet available, users have access to the Binance Chain Explorer, API’s, and web wallet.

Speaking about Binance DEX, Zhao said:

“We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system.  With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community.”

The exchange also launched a new fiat-crypto exchange in Singapore earlier today. Binance Singapore allows users to purchase only bitcoin, and at fixed prices compared to the mainstream Binance which has a wide range of cryptocurrencies available at real-time market prices.

Binance Singapore is mostly funded with investment from VC firm Vertex, which is backed by the Singaporean sovereign fund Temasek.

A spokesman for Binance has said that the BTC/SGD is just the first pair the exchange will be offering as it hopes to add more pairs as ‘regulations allow.’

Over the past year, Binance has focused its efforts on fiat trading, hoping to find a way to get institutional money into crypto on a significant scale. Thus far, Binance Singapore is the third such effort following similar exchanges in Uganda and Jersey. The company also has plans to open two new fiat ramps in Malta and Lichtenstein before the year ends.

Posted In: , , Adoption, Crypto Exchanges
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Priyeshu Garg

Priyeshu Garg

Analyst @ CryptoSlate

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in computer science engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.

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