Binance Decentralized Exchange (DEX) Supports Ledger Cryptocurrency Hardware Wallet

Binance Decentralized Exchange (DEX) Supports Ledger Cryptocurrency Hardware Wallet

With the Binance decentralized crypto exchange now live in testnet, Ledger, the makers of Ledger Nano S, a highly secure cryptocurrency hardware wallet has announced that the new decentralized exchange from the stables of the world’s number one crypto exchange by 24-hour trading volume, supports the Ledger Nano S and as such its users can seamlessly log into their Binance DEX wallets with it, according to a press release on February 20, 2019.

Ledger Nano S Supported On Binance DEX

As stated in a press release, Ledger, a leader in security and infrastructure solutions for bitcoin and altcoins, has announced the partnership with Binance, to make it possible for the latter’s newly unveiled DEX to support the Ledger Nano S hardware wallet.

Now, cryptocurrency holders who use Binance DEX and also have the hardware wallet can easily access their digital wallets stored on the DEX.

According to Ledger, this way, the private keys of investors remains offline and “out of reach for hackers, while still providing users with the possibility to trade their virtual currencies on Binance DEX.”

While the price of bitcoin has nearly hit rock bottom since attaining an all-time high of almost $20K, crypto thieves remain undeterred in their quest to get rich quick with blockchain-based digital assets, and centralized cryptocurrency trading venues remain their prime target since a large chunk of customers’ funds are store on these platforms.

On February 7, 2019, Bitcoin Exchange Guide reported that the hackers had successfully liquidated about $3.2 million worth of crypto assets stolen from Cryptopia, a New Zealand-based crypto exchange via EtherDelta.

Will Binance DEX Revolutionize Peer-To-Peer Crypto Trading?

Although decentralized exchanges give cryptocurrency investors absolute control over their hard-earned cryptos, as they control their funds themselves through private keys, it’s however worth noting that most DEXs are still not as robust as centralized exchanges.

Against that backdrop, the Binance team unveiled the Binance DEX in testnet on February 20, 2019, with the aim of providing crypto holders with a highly secure, fast and liquid platform for peer-to-peer trading of cryptos.

“The user interface on Binance DEX is similar to that of Fast, secure and user-friendly. We envision the Binance Chain to help grow the community and boost crypto adoption and accessibility,” said CEO of Binance, Changpeng Zhao.

How Ledger Nano S Works With Binance DEX

To get started, users of Ledger Nano S are required to download and install the latest version of Ledger Live, while also making sure they have the most recent firmware on their devices.

“Starting firmware version 1.5.5, you will then be able to download and install Binance Chain application through the Live manager tab,” wrote Ledger.

Next, users must unlock their devices and open the installed Binance Chain app before trying to connect to the Binance DEX Testnet.

Once the above steps have been carried out correctly, Ledger says users’ BNB wallets will get unlocked, and they’d gain access to the Binance DEX testnet.

However, crypto traders have been advised not to send real cryptos to the platform yet as it’s only available in testnet.

“Please do not send your actual Binance Coins to the Binance DEX Testnet. Doing so will result in a permanent loss!” concluded Ledger.

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