The largest crypto exchange in the world by trading volume, Binance, has recently posted a cryptic announcement on their Twitter, which has brought a new wave of excitement into the crypto world.
Today marks the birth of a new genesis block.
Who's ready? pic.twitter.com/AF1hVtFXzt
— Binance (@binance) April 18, 2019
Binance Chain and DEX about to arrive
Their mysterious statement simply reads: ‘Today marks the birth of a new genesis block. Who’s ready?’ While it does not say much, it was enough to send the exchange’s customers and fans speculating. Most assume that this is an indication that the exchange will finally launch its own blockchain — Binance Chain — today.
Binance’s CEO, Changpeng Zhao, recently announced that both, the blockchain as well as Binance DEX — Binance’s decentralized version — are scheduled to arrive ‘later in April.’ While many expected it to happen in the final days of the month, it appears that the exchange is prepared to speed things up and launch the two today.
Interestingly enough, Binance’s CFO, Wei Zhou, spoke yesterday at the Paris Blockchain Week, talking about Binance Chain, its currently running TestNet, as well as the firm’s plan to launch the MainNet by the end of the month. Zhou did not indicate that the Chain or the DEX might arrive sooner than that, which is why the new announcement got the Binance community by surprise.
Even so, the soon launch of the blockchain and Binance’s official decentralized exchange has brought excitement to the crypto community. Many were looking forward to the launch of the DEX, as it would significantly improve security and reduce the threat of losing funds to hacking attacks.
Binance’s other projects
Binance has had a very busy 2019 so far. It launched its fiat-to-crypto exchange, Binance Jersey, several months ago, and it also brought back its Binance Launchpad. This move also inspired a new token offering model, the IEO (Initial Exchange Offering). Only weeks after that, the exchange launched Binance Chain testnet, inviting developers to explore it and report their impressions.
Not only that, but the exchange announced its plans for the future, including the desire to have at least two fiat-to-crypto exchanges on each continent. On its way to achieving this goal, Binance also announced its second fiat-to-crypto exchange, Binance Singapore, which is supposed to see launch soon as well. Zhou confirmed that the Singapore-based subsidiary is supposed to go live next week and that it will allow the purchase and sale of Bitcoin via SGD. Of course, this is only the beginning, and the exchange will add additional coins in due time.
Binance Coin (BNB) surges after the announcement
The new announcement also affected Binance’s native token, Binance Coin (BNB). The cryptocurrency has already been extremely popular in the crypto community, as it allowed trading fee discounts on Binance, and it is the only coin that can be used for purchasing new cryptos on Binance Launchpad.
Now, its use cases will grow further as the coin will become the native crypto of Binance’s entire blockchain, as well as its DEX. It is expected that every coin offered on the DEX will be paired against BNB, indicating that the coin will see a lot more trade, and likely a surge in price.
This has already started, with BNB currently surging by over 4%, and its price finally breached a major resistance level at $20. At the time of writing, BNB price is $20.67, and the growth still does not show signs of stopping. All that remains now is to wait for further updates by Binance, and hope that the launch goes without any issues.