Binance, the world’s largest cryptocurrency exchange by trading volume, has announced the launch of a new product called “Binance Swap”.
The product is a decentralized exchange (DEX) that will allow users to trade digital assets in a trustless and permissionless manner.
Binance Swap will be powered by the Binance Chain blockchain, which is the native blockchain of the Binance ecosystem.
The launch of Binance Swap is a part of the company’s plan to build a “decentralized ecosystem”.
With Binance Swap, users will be able to trade digital assets without having to deposit them on an exchange.
However, it is important to note that trading cryptocurrencies is a highly risky activity and users can suffer substantial losses if they are not careful. Before engaging in any kind of cryptocurrency trading, it is important to understand the risks involved and ensure that appropriate measures are taken to mitigate these risks. It is also important to use stop-losses and other strategies to manage your exposure. Furthermore, you should always conduct thorough research on the asset you are considering trading and never invest more than you can afford to lose.
The product is similar to popular decentralized exchanges such as Uniswap and Kyber Network.
Binance Swap will initially support the trading of two digital assets: Bitcoin (BTC) and Ethereum (ETH).
More assets will be added in the future.
The product is currently in beta testing and is expected to launch on mainnet in Q3 2020.
Binance CEO Changpeng Zhao (CZ) said that the launch of Binance Swap is a “milestone” for the company and an important step in its mission to build a “decentralized ecosystem”.
CZ also said that Binance Swap will provide users with “more flexibility and control over their digital assets”.