Binance DEX Will Link to Hardware Wallets Upon Launch, Allow Investors to Hold Private Keys
Changpeng Zhao, the CEO of Binance, likes to keep his investors in the loop about the latest options available to them, and one of those options will include the new Binance DEX (decentralized exchange). In a social media update, Zhao said that users would have the ability to control private keys on hardware devices when they participate in the exchange.
On Twitter, Zhao expressed that the platform is in the developing stage. He added,
“Binance DEX will support hardware wallets from day one of launch. So that you can be sure your private keys never leave your device.”
There are no details about the wallets that will be integrated, but some experts believe that the major names will include Trezor, Ledger, and KeepKey. Recently, an image was circulating with Binance running on a Ledger Nano S wallet. The company originally announced this exchange last year, so seeing this announcement from Zhao himself is a big deal. A bigger project, Binance Chain, is ultimately expected to replace the current Binance exchange.
This announcement was released in the same week that the new over-the-counter (OTC) trading desk was launched. The trading desk is meant to target large volume trades that exceed 20 BTC, which is presently worth $71,000. The week before, Bittrex announced their own OTC trading desk launch.
Decentralized platforms have been getting a lot of attention lately, as investors are growing hopeful that these options would make it possible to bypass the issues they face with traditional platforms, like stringent identity requirements. However, the US Securities and Exchange Commission (SEC) has already said that the exchanges will have to comply with legislation for know-your-customer protocols.
Still, the platforms already in the industry have seen some success. Bisq, for example, was the host of 550 BBC ($1.95 million) in transactions in November, following a successful month in October as well.