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Why Binance DEX could Change the World of Crypto Trading

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Binance DEX

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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Chainwire Launches Blockchain-Focused Automated Press Release Distribution Service

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TEL AVIV, Israel, 13th October, 2020, // ChainWire //

MarketAcross, a world leader in blockchain public relations and marketing services, is pleased to announce the launch of Chainwire, an automated press release distribution service which provides guaranteed coverage and in-depth reports. Chainwire will be a one-stop-shop for the distribution of press releases in the cryptocurrency and blockchain sector. The launch marks the first time that advertisers can reach leading publications in the crypto media with the click of a button. 

While most industries have some kind of PR newswire service, the cryptocurrency sector has become a victim of its own rapid pace of growth over recent years. Since the ICO boom of 2017, there has been a proliferation of blockchain and crypto-focused projects, exchanges, investment firms, and marketing agencies, along with niche news and informational content sites. 

However, the infrastructure to connect this complex ecosystem has been slow to come up to speed, meaning that existing newswire services don’t reach their target audience. It’s estimated that one in five people own cryptocurrencies, so there is currently a significant missed opportunity to reach a massive global readership. 

As a newswire service dedicated to the crypto and blockchain space, Chainwire aims to address this gap. Press releases are distributed to leading publications, offering guaranteed coverage to reach audiences worldwide. The system is integrated with publishers and blogs, enabling accurate reporting via a user-friendly dashboard. It also…

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Messari Adds DigitalBits (XDB) & Branded Currencies to its Registry

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One of the top providers of crypto data and research tools on digital assets Messari has announced the addition of DigitalBits (XDB) to the Messari Registry. As a participant, DigitalBits governing body, the XDB Foundation will be providing regular updates and commit to transparency. The DigitalBits blockchain was built to support consumer digital assets – branded currencies.  As the company stated, “a global, legacy digital asset class, branded currencies play a vital role in consumer-brand interactions, and account for billions of dollars in value.  Branded currencies issued on the DigitalBits blockchain will also be included within the Messari Registry.”

Additionally, Messari and the XDB Foundation “may explore the buildout of a novel registry to accommodate branded currencies tokenized on DigitalBits. This registry would address issues consumers face when determining the legitimacy of branded currencies and their respective organizations,” the announcement said today.  The goal is to provide a standardized framework for organizations leveraging branded currencies, certifying asset legitimacy, and clearly outlining characteristics including but not limited to asset issuance and organization identity.

Commenting on the news, Messari representatives said they recognize the potential for the use of branded currencies to grow in the future as more enterprises embrace blockchain technology. Ben O’Neill, Vice President, BD & Operations at Messari said the Registry will help all…

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3 Reasons Why WISE Token Could Be a Massive Winner in 2021

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WISE token

After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

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