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Why Binance DEX could Change the World of Crypto Trading

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Binance DEX
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Recently, there has been a lot of debating and speculating regarding the world’s largest crypto exchange by trading volume, Binance, as well as the road the exchange is planning on taking. More precisely, the exchange’s decision to launch its own decentralized version — Binance DEX — and what such a move might mean for the crypto world.

A bit about Binance

As mentioned, Binance is currently the largest and most popular exchange in the crypto space. It was launched back in mid-2017, just as the bull run started attracting investors and traders from all corners of the world. The launch was rather well-timed, and the exchange quickly started growing in all aspects, including trading volume, number of users, and alike.

After achieving massive success due to the crypto market growth, Binance was easily able not only to survive the following crypto winter, but even to make a profit while most other crypto businesses struggled to even survive harsh conditions. As the year progressed, Binance started announcing some big projects, such as its crypto-fiat exchange targeting European markets — Binance Jersey — as well as its own blockchain, Binance Chain.

However, one project that the exchange announced took the world by surprise, and that is Binance DEX — a decentralized exchange which has the potential to disrupt Binance’s own business.

Why is Binance DEX such a big deal?

The crypto space was developed with decentralization in mind. Its very purpose was to take power away from centralized institutions and eliminate the need for third parties. This is what both, blockchain and crypto have been focused on ever since Bitcoin itself was launched.

However, one big aspect of the crypto experience still remains heavily centralized, and that is the crypto exchange. Most of the popular platforms today are heavily centralized, Binance included. They run the show, they hold investors’ funds (while within the exchange), and have the power to freeze those funds, or simply take them. Not that they would, but they do have the power to do so.

This was seen as a big problem, not only because it defeats the purpose of crypto, but also because they can be hacked by skilled enough individuals who might then take off with investors’ money. It has happened before, just think of Mt. Gox, CoinCheck, or Cryptopia.

To change the investors’ and traders’ dependence on these exchanges, developers came up with decentralized exchanges, which would act just like the blockchain, with community members running them and no single individual or entity would be in charge. Now, Binance is doing the same itself.

While many are skeptical of this, wondering how ‘decentralized’ the exchange can be if a centralized company is launching it, there are also many who are quite excited about the project.

Most DEXes out there have a long way to go until they perfect their platforms and ensure that their users will have a safe, smooth experience. The lack of funding is definitely one cause for slow development, which is something that Binance does not have to worry about. Further, it already has millions of users who are likely prepared to move to the DEX as soon as it goes live.

Next, the exchange will have a legitimate background, considering that a trusted (even though centralized) entity is the one developing it. It will also be run by the community on Binance Chain, and it will use Binance Coin (BNB) as its native currency. The DEX sounds too good to be true, and many see that as proof that it is not true.

However, it might as well be, as Binance seems to be aware of what its users want and need. The launch of a DEX would make Binance a community, more than a simple exchange, and it would guarantee its relevance in the future of crypto. It will also impact BNB heavily, increasing its utility, as well as price. It is an excellent idea, in concept, and while it still remains to be seen what it will be like in reality, the company continues to push with its development, and the DEX’s testnet is already out, being tested and gathering data for future changes and improvements.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

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