The CEO of (Binance) explains the role of (BNB) currency in its decentralized platform

The CEO of (Binance) explains the role of (BNB) currency in its decentralized platform

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Answer The CEO of (Binance) explains the role of (BNB) currency in its decentralized platform

Zhangping Zhao, CEO of Binance, one of the most important exchanges in the market, announced that Binance Coin (BNB) will be used as fee payment gas on the company’s new decentralized platform (DEX).

  • What is “gas”?

Back on September 28, Changping Zhao tweeted about Binance, the decentralized trading platform that the company is working on.

It is worth noting that the “Binance” platform has been accused of illegally operating in New York because it did not obtain the legal license to operate. New York State Attorney General Barbara Underwood issued a report explaining this situation regarding the activities of Binance and other cryptocurrency exchange platforms such as and Kraken.

Read:Why did the price of Bitcoin and Dogecoin go up together?

Meanwhile, Changping Zhao talked about the regulatory environment in the United States. He pointed out that trading does not focus only on the “United States of America” such as the “Coinbase” and “Gemini” platforms, but the company seeks to expand all over the world by opening the Binance platform on every continent around the world.

He also mentioned that the market outside the US is larger and has more opportunities for the company. However, the regulatory environment depends on each country, which means that there will be some countries that will create an appropriate and desirable framework. It is worth noting that the Binance platform has previously announced its plans to expand to the continent of Africa.

Binance platform and expansion plans

Binance is headquartered on the European island of Malta, and the country – the Republic of Malta – has taken very positive measures to attract cryptocurrency-related businesses and institutions. For example, the Polish exchange BitBay decided to leave Poland and settle its operations on the blockchain island.

Many countries are trying to understand digital currencies and blockchain technology better and deeper before trying to legislate them. This may take some time, but the positive effects will be long lasting.

Read:Learn about the details of the Enjin project’s partnership with “Microsoft”

At the moment of writing this report, Binance is the largest cryptocurrency exchange in terms of trading volume, with transactions of $987 million in the past 24 hours. In general, the stock exchange receives more than one billion dollars in transactions.

The most important trading pairs on the exchange are: (BTC/USDT), (XRP/USD) and (ETH/USDT) and these three pairs account for about 40% of the total trading volume on the platform.

One of the main objectives of the company is the decentralized trading platform of “Binance”. Decentralized trading operations allow users to buy and sell “cryptocurrencies” in a seamless and direct manner without having to rely on the company to protect their funds.

Currently, most cryptocurrency exchanges in the market operate in a centralized manner. Users have to deposit funds in these platforms, which can be vulnerable to attacks and hackers so “decentralized trading platforms” are more secure as users can transact directly from their wallets.

In a recent interview, Zhao talked about the DEX project, saying:

I believe that decentralized exchanges are the future. I don’t know when that future will come – I think we’re at an early stage for that, so I don’t know if it will be in a year, two years, three years, five years, but we have to be prepared for that. We at Binance are actively investing our efforts, and our time into this [المجال]. We have a dedicated team working on this.”

Read:Manipulation in the cryptocurrency world… Absence of regulations or the authority of cryptocurrency exchanges?

The platform could be launched at the beginning of next year or at the end of 2018

This is what Zhao posted on Twitter on September 29. He said they want to launch a “beta version” by the end of the year or early next year, and that they’re working on Saturdays as well.

At the moment, the projects of “decentralized exchanges” have not been very successful. In general, they lack portability and ease of use compared to central trading platforms. The main point of this will be knowing how Binance will handle the design of a fast trading process and simple user interface.

It is worth noting that Binance Coin (BNB) can now be purchased for approximately $10. And it occupies the 16th place in terms of the most valuable currencies, with a market capitalization of $1.17 billion.

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