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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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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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