Cryptocurrency exchange Binance announced that it will launch a decentralized exchange to automate the transaction process, removing the requirement of a third party to hold funds and treat trades.
The announcement, which wasgoed made earlier on Tuesday via Binance’s webstek, stated that the network behind the decentralized exchange is being dubbed “Binance Chain”, a public blockchain which will make it more difficult for hackers to steal funds, spil they will be held ter the wallets of participating traders rather than ter a centralized location.
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The announcement is welcomed news since the exchange wasgoed targeted last week by a massive coordinated phishing and theft attempt, which wasgoed treated relatively well by Binance.
Hackers attempted to steal funds by taking control of user accounts through previous phishing attempts, creating API keys within the accounts and coordinating a massive sell off of users’ coins. The funds were then used to pump the price of another low volume coin, which wasgoed then sold at an enormously inflated price ter exchange for bitcoin (BTC).
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The hackers were then programma to withdraw the bitcoin, but Binance wasgoed able to disable withdrawals before that could toebijten. The exchange then reversed all unusual trading activity and waterput out a $250,000 cryptocurrency bounty for information leading to the hechtenis of the hackers.
After news of Binance Chain broke, the company’s own token Binance Coin (BNB) spiked 23%.
The company stated ter the announcement:
“After extensively researching decentralized exchange frameworks and analyzing existing implementations, wij believe significant improvements can be made ter providing Binance users with a level of trading practice to which they are already acquainted. Centralized and Decentralized exchanges will co-exist ter the near future, complementing each other, while also having interdependence.”
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Binance is presently the largest cryptocurrency exchange by volume. No details have bot released yet regarding the timing of the launch, however development is presently underway.