According to a Bloomberg report published April 18, 2019, Binance, the world’s largest cryptocurrency exchange by reported volume, has launched its own blockchain called Binance Chain to encourage crypto startups to issue their tokens directly on the trading platform.
Taking the Ethereum Bull by the Horns
Binance is unarguably one of the busiest entities in the crypto industry. The Malta-based exchange recently announced that its Singaporean fiat-to-crypto exchange is primed to launch towards the end of April 2019. Further, Binance’s highly-anticipated decentralized exchange (DEX) is also expected to go live in the same period.
Now, in a bid to knock smart contracts platform Ethereum off their perch, Binance has launched an in-house distributed ledger named Binance Chain. The newly launched blockchain network will not only attract business ventures from competing for blockchain networks but will also serve as the foundation for Binance’s DEX.
It’s also worth highlighting that with the launch of Binance Chain, Binance’s native token Binance Coin (BNB) will move off the Ethereum network to the newly christened blockchain.
According to the official announcement, the Binance Chain Explorer and Web Wallet will first be made available to selected partners for beta testing. They will be open to public access around April 23, 2019.
Kyle Samani, the co-founder of crypto hedge fund Multicoin Capital Management in Austin, Texas, told Bloomberg in an email:
“Binance Chain is competing with one of the primary use cases that helped catapult Ethereum into what it is today: issuing and trading tokens.”
“And because Binance Chain is designed with that specific purpose in mind,