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Binance Launches DEX Earlier to the Decided Launch Date

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Recently, the world’s largest crypto exchange, Binance, had launched the native DLT platform of Binance- the Binance Chain, and today, the company rolled out the Binance Decentralized Exchange, i.e. DEX, ahead of its decided launch date.

Binance Dex
Image Source: bitcoinexchangeguide.com

Binance DEX is a decentralised P2P exchange platform that allows the user to have all the control over their assets while trading on the exchange. The exchange is powered by the Binance Chain blockchain protocol.

Though the exchange is not supporting any transactions, as of now, the exchange is open for the user to create their wallets. The platform will let the users create both the trusted as well as the third party wallets, including CoolWallet, Coinomi Wallet, Atomic Wallet, Guarda Wallet, Exodus, ZelCore Wallet, Enjin, Magnum Wallet, Infinito Wallet, Ledger, Math Wallet, Ellipal Wallet, over it.

Currently, the platform also permits the users to access tools, including the Binance Chain Explorer, wallet, public data nodes, and even the APIs.

In recent years, many of the companies have already brought those decentralised exchanges in the market, such that to promote more user control over their assets. Now Binance has also taken the initiative for the same. The company has also asked the other developers to step-in to create new tokens for its Binance mainnet.

“We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem.” said Changpeng Zhao, the CEO of Binance.

Though the launch of the exchange is early, the company had been testing the exchange over a simulated trading environment, where the exchange did over 8.5 million transactions over two months of its testnet period.

The company has also migrated its Binance coin from Ethereum network blockchain-compatible ERC-20 to BEP-2 Binance Chain to be used as the blockchain’s native asset to assist network transactions.

UK Users will Now Get to Spend Their Cryptos with the New Coinbase Visa Debit Card

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In recent years, people have become more inclined towards investing in Bitcoins and other cryptocurrencies, but still most of the times, they are not sure of how to spend their cryptos. But now, Coinbase has announced that it is going to launch a debit card that will allow people to spend their cryptocurrencies on daily expenses.

coinbase visa debit card
Image Source: clark.com

Although Coinbase had support for the Shift card, a similar card that allowed the users to liquidate their cryptos, and use them to withdraw cash at various stores. But almost two months ago, Shift discontinued its services with Coinbase, and now Coinbase itself has come with a more feature-rich debit card for its users.

The company is launching a debit card along with a Coinbase Card app, that will help the users to manage all their cryptocurrencies and choose among those cryptocurrencies as to which one they want to spend. The app will generate instant receipts, notifications on every transaction and will help the user to manage their crypto balance. The card can also be used for ATM withdrawals with a free withdrawal limit of £200 per month, and also does not have any maintenance cost.

The card is a Visa debit card issued by PaySafe and will cost a 2.49% interest on every purchase made through it. Issuing the card alone will charge the user a £4.95 ($6.48). The card will come with a spending limit of £10,000 ($13,092) per day and every reverse transaction will cost the user a £20 ($26.19).

Earlier in 2017, the London Block Exchange was working on a similar Visa card but failed to launch one. Also, many other companies have developed such cards in the past, but to use those cards the users had to pre-load a specified amount on them.

Coinbase will be responsible for every conversion of the crypto into fiat, and the amount will be deducted on the basis of the current rate of the cryptocurrency. With the Coinbase debit card, the users will be able to spend on movie tickets, food and other similar purchases. For now, the company has only announced the debit card for its UK and EU users.