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Major Binance expansion due by month end

Major Binance expansion due by month end

Addressing a crowd of crypto enthusiasts at the Deconomy conference in Seoul last week, Binance founder Changpeng Zhao made two major announcements about the future of the world’s biggest crypto exchange.

By the end of April, Binance expects to have launched two new platforms — a decentralized exchange powered by Binance’s own blockchain, and a fiat-to-crypto exchange in the Asian economic hub of Singapore – the latest location in Zhao’s goal of building a fiat-to-crypto gateway on every continent.

Before the end of June, Binance users can also expect staking functionality to be implemented in the Binance Trust Wallet, which will allow holders of certain Proof-of-Stake cryptocurrencies to receive benefits by supporting the network.

DEX launch

The testnet for Binance’s eagerly awaited DEX has been in operation since February, with a host of community initiatives in place to boost activity — including a trading competition, a coding competition, and a bug bounty program to put the platform through its paces.

With testing complete, and Binance Coin (BNB) enjoying the aftermath of a recent price surge, the exchange is set to launch, and many hope that Binance’s appetite for rapid growth will help a more decentralized trading ecosystem gain traction.

But, the Binance DEX has also been caught in controversy over the extent of its centralization:

“Technically, it’s a fully decentralized exchange architecture” said CZ in a recent ask-me-anything session. Technical-wise, I don’t think there’s anything that’s centralized about it. Some guys are really bent out of shape about us calling it a DEX, and I think those guys will probably continue to be bent out of shape. Because I think their definition of a DEX may be different from ours, which is fine”

According to critics, the new DEX might more aptly be described as non-custodial, because despite alleged centralization, it does allow users to plug in their own software and hardware wallets — or use Binance’s own Trust Wallet, which itself is undergoing developmental changes.

Trust Wallet staking

The official crypto wallet app of Binance, Trust Wallet, is preparing a new staking feature, which is set to be implemented by the end of the second quarter for its first cryptocurrency: multi-purpose blockchain Tezos (XTZ).

This follows the launch of a Tezos Staking (or baking as it’s officially known) service by Coinbase Custody, which announced that it would be offering this to institutional investors in March.

Though aimed at different markets, both staking services give Tezos holders the ability to vote on changes to the blockchain, and receive income for validating transactions. Both Coinbase and Binance are also expected to build on this service by offering more tokens. Maker is next on the list for Coinbase, and judging by the number of protocol integrations that Trust Wallet already has, more functionality could soon be expected for other Proof-of-Stake cryptocurrencies.

Fiat-to-crypto in Singapore

As the infrastructure of the exchange develops, Binance continues to expand geographically, and will soon be letting Singaporeans swap their fiat for crypto through a local branch.

Binance Singapore will be the third fiat-to-crypto exchange built by the platform, joining Binance Jersey — launched in January, and Binance Uganda — launched in October 2018.

Home to Ethereum, and a host of exiled Chinese crypto exchanges, Singapore has become Southeast Asia’s crypto hub — which is in large part due to its accommodating regulatory regime: “In Asia, Japan has made the most clear regulations, and Singapore’s regulators are following Japan. And it’s not only in Asia, but also in Europe, Africa and the United States,” said Zhao at Deconomy.

Although few details were included in the official announcement, Binance revealed in a Medium post late last year that Singapore could ultimately form a base for further expansion into Southeast Asia.

From a global perspective, where the Binance will set its sights next is not yet clear. Countries on its radar are thought to include Argentina — hinted at on Twitter — and South Korea, though a tricky regulatory environment might prove to be a sticking point here. Binance aims to avoid countries that have lagged behind with regulations, said Zhao at Deconomy, “we prefer countries with clear regulations, this is because we want to do long-term business"


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