Binance is launching its own blockchain

The proprietary Blockchain Binance Chain will manage several areas of business along with off-chain transaction settlement
14 March 2018   1387

On March 13 Binance announced the launch of its blockchain platform. Binance has conducted a comprehensive research on the nature and current technologies of blockchain paradigm and has extracted key points of improvement of the exchange with the introduction of the platform. Namely, the blockchain will focus on asset trade and transfer that are specific to the platform. The key parameters of the Binance Chain will be its performance, usability and liquidity.

Moreover, Binance is likely to launch a separate decentralized exchange that will have its own token. This is hinted within the statement as Binance Coin (BNB) will be renewed for blockchain mainnet. With this shift, Binance announced its transition from a company to a community, and will act as a venture platform for all-new coins and ICOs. Although BNB is an ERC20 token that lives on Ethereum blockchain, its use was limited to customer deposits and withdrawals as most of transactions were settled off-chain - initially, Binance is a centralized cryptocurrency exchange.

In the end, Binance will operate both centralized and decentralized exchanges in the coming future, cooperating with one another and staying independent nonetheless. Looks like, Binance is turning into a solution for a full range of cryptocurrency services.

Binance to Launch BTC-Pegged Own Chain Based Token

In this way exchange wants to transfer crypto based on own blockchains to its ecosystem and  increase liquidity and trading volumes at Binance DEX
17 June 2019   303

In the coming days, Binance Exchange will launch a series of BEP2-tokens, tied to different cryptocurrency rates, on its own Binance Chain blockchain. The first token of this type will be BTCB - its rate is tied to Bitcoin.

BTCB is backed with bitcoins located in Binance reserves. The address for storing bitcoins has already been made publicly available, so that users can verify that the token has the necessary support.

In the future, the BTCB / BTC trading pair will be launched on Binance.com. With its help, users will be able to convert the original cryptocurrency into the Binance Chain token. The price spread in this case will be about 0.1%.

According to Binance, in this way it can transfer cryptocurrencies based on its own blockchains to its ecosystem and currently not represented in the Binance Chain. The company expects the launch of new tools to increase liquidity and trading volumes at Binance DEX.

While this approach is more centralized than atomic swaps, we believe it provides a higher degree of ease-of-use to most traders. And most traders are already trusting Binance.com to hold their funds anyway.
 

Binance Team

To date, Binance has independently reserved 9,001 BTC and released 9,001 BTCB. The BTCB / BTC trading pair on Binance.com will tentatively appear within a day, and an asset will be added to Binance DEX after approval of the relevant offer.