Binance, the world’s leading cryptocurrency exchange by trading volume, has announced the launch of its own blockchain – Binance Chain. The new blockchain will be used to power the company’s new decentralized exchange, Binance DEX.
The announcement was made at the company’s annual blockchain event, Binance Blockchain Week, which is being held in Singapore from Jan. 19 to Jan.
25.
Speaking at the event, Binance CEO Changpeng Zhao (CZ) said that the launch of Binance Chain will be a “milestone” for the company and the cryptocurrency industry as a whole.
“Binance Chain will allow for much faster trading speeds and more efficient price discovery,” CZ said. “It will also pave the way for the issuance of new tokens on Binance Chain.”
The Binance DEX will be built on top of Binance Chain and will use its native token, BNB, as its base currency. BNB was originally created as an ERC20 token on the Ethereum blockchain but will be migrated to Binance Chain.
CZ said that Binance DEX will offer “all of the same features and functionality” as the existing centralized Binance exchange but with “the added benefits of decentralization.”
The launch of Binance Chain and DEX is part of the company’s larger plan to create a “decentralized ecosystem” that will include a wide range of services and applications.
To that end, Binance has also launched a $1 billion fund to invest in projects that build on Binance Chain or use its native token, BNB. The fund will be managed by a team of professionals led by CZ himself.
In conclusion, QLC is not a binance but rather its own seperate entity.