Changpeng Zhao, the Chief Executive Officer of the cryptocurrency exchange,
Changpeng Zhao, the Chief Executive Officer of the cryptocurrency exchange, Binance has announced that their new decentralized exchange, Binance DEX, will provide support for hardware wallets once launched.
Binance is the world’s biggest exchange by volumes.
CZ, as the CEO is popularly known in the crypto community, confirmed that the Binance DEX would facilitate the control of user’s private keys via interaction with the decentralized exchange from hardware wallets.
CZ said that the Binance DEX is in the active development phase. He added,
“Binance DEX will support hardware wallets from day one of launch. So that you can be sure you private keys never leave your device.”
Even though Zhao has not yet specified which wallets will be supported by the decentralized exchange, but we think it is quite likely that all of the big names in the hardware wallet industry, such KeepKey, Trezor, and Ledger will be supported.
Since the announcement of the launch of DEX last year by Binance, the users of the crypto exchange have been eagerly waiting for its release.
Binance DEX is a part of the wider Binance Chain project and as per CZ’s previous claims, it could potentially replace the existing Binance exchange.
Interestingly, this update by Zhao comes days after it was revealed that Binance has set up an OTC trading desk. The OTC has been launched to cater to institutional investors who indulge in large-volume trades worth at least USD 71,000 or 20 BTC.
Just a week before this, the US-based Blockchain trading platform, Bittrex had also confirmed the launch of its Over The Counter service.
Consumers looking to circumvent the identity requirements of traditional cryptocurrency platforms are excited about the launch of such decentralized platforms. However, the regulatory body SEC has warned decentralized exchanges to comply with the requisite legislation.
Notwithstanding the pressure from regulatory authorities, decentralized platforms are experiencing a surge in profits. In November 2018, the decentralized Bitcoin exchange Bisq reported trades worth as much as USD 1.95 million.