Binance is Making Waves to Become One of the First Decentralized Finance Companies in the World
Binance has said that they are going to utilize Binance Coin (BNB) to become the first decentralized corporation. They will do so by transferring the company’s value to BNB.
BNB has been performing amazingly, and all it takes to see this is to look at its price evolution since it was launched. The value of the token has tripled in value during the past three months and this is quite a massive achievement.
BNB is placed now on the seventh position with a market cap of over $2.25 Billion. Such a surge was not seen by the other coins in the crypto market as well, and most of the digital assets are only at about 20% of their all-time highs.
Binance DEX is an extension of the main Binance.com exchange and provides cryptocurrency traders with further options after the exchange recently launched Binance Uganda and Binance Jersey. On February 20, 2019, Binance announced the release of their testnet for Binance DEX, which acts as a decentralized order-matching engine based upon Binance Chain technology.
Kyle Samani and Tushar Jain, managing partners of Austin-based crypto hedge fund Multicoin Capital spoke about Binance’s success. Kyle says:
“The most remarkable thing about Binance is they’ve really executed this regulatory arbitrage strategy from inception. They moved headquarters about five times if I’m not mistaken. They’re just structurally a very decentralized organization, and they have been since inception. Their 400 employees are spread across 40 countries or so. So, given that, Binance has been true to their mission of enabling people to exchange anything. ‘Exchange the world’ – that’s their tagline.”
Tushar goes on to applaud Binance efforts in launching several crypto-to-fiat exchanges, including in Jersey, Singapore, and Uganda.
He even calls Binance’s DEX the most important initiative from the company and notes that projects from Binance Launchpad. To which Samani added:
“Things like Binance Chain, the decentralized exchange (the DEX), that has very large implications for the future of the Binance team and employees; [Binance] Launchpad as a capital formation and fundraising platform. Look at Binance Research, look at the fiat exchanges, and everything they’re doing is in support of that mission, but doing so in a compliant way and to do it in a way that bridges the old world to the new world.”
As the DEX is still in its testnet stage, the jury is still out as to just how well the team been able to address the liquidity and speed issues that plague other DEXs.
Binance DEX is a non-custodial platform being provided by a well-established name in the space and provides a good opportunity for traders of various levels to get accustomed with the platform while it is still on testnet.