Binance Unveils New Blockchain to Support Decentralized Crypto Exchange

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Summary

Binance announced Tuesday that it is launching a public blockchain to facilitate the creation of a new decentralized exchange. As might be expected, the price of the exchange's BNB token is up more than 20 percent on the news, according to data by CoinMarketCap. The news comes a day after Binance announced a bounty program to track down the attackers who recently attempted to steal funds from the exchange's users. Binance said it had allocated $250,000 worth of its BNB token for the first person who shares information leading to the arrest of the attackers. However, it's unclear if there will be some kind of token swap for users who hold the exchange's ERC-20-based token.

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Binance announced Tuesday that it is launching a public blockchain to facilitate the creation of a new decentralized exchange.

The cryptocurrency exchange said the move forms part of a plan to transition from "a company to a community" by developing its new  Binance Chain, which will be used to transfer or trade different blockchain assets. In addition, the company announced it would essentially shift its Binance Coin (BNB) to its own native blockchain (right now the coin is an ERC20 token that runs on the ethereum network). However, it's unclear if there will be some kind of token swap for users who hold the exchange's ERC-20-based token.

The token, in turn, would be the basis for a blockchain-based asset exchange, an option that would exist alongside Binance's more centralized offerings.

The exchange said in a statement:

"We believe significant improvements can be made...

Read the full article @ Coindesk