Binance CEO Reveals Exchange’s Plans to Launch Own Blockchain for Issuing Cryptos
Cryptocurrencies and digital tokens could find their new home on Binance Chain, a new blockchain being planned by exchange platform Binance.
CEO Zhao Changpeng made this announcement at the Forbes’ Decrypting Blockchain for Business forum last December 4.
Binance’s proposed own blockchain would serve a similar purpose with smart contracts platform Ethereum, where startups and companies can launch their own tokens through initial coin offerings (ICOs).
The exchange hinted that the Binance Chain would be ready “in the coming months.”
#Binance is pushing for blockchain adoption and doing many things to help advancement of the industry. E.g. we will have the Binance chain ready in the coming months, on which millions of projects can easily issue tokens. @cz_binance @ForbesAsia #ForbesBlockchain pic.twitter.com/0pc0r1lXd2
— Binance (@binance) December 4, 2018
Zhao, at the Forbes event, was quoted as saying:
“We are launching Binance Chain very soon, in a couple months or so, and you will be able to issue tokens on that… I think there will be millions of coins and thousands of blockchains.”
Meanwhile, Binance’s own Binance Coin (BNB) recently made waves online after the Ethereum-based token posted significant gains despite the bearish sentiment dominating the crypto market for almost the entire 2018.
Crypto traders on Binance can use BNB to receive discounts for listings and other fees charged by the platform.
As of December 5, BNB was trading at US$5.94 against the US dollar, 12 and 14 percent higher than the token’s price yesterday and a week ago, respectively. This coin is available for trading on Binance.