Binance, one of the largest cryptocurrency exchanges by trading volume in the world, will be launching its blockchain “Binance Chain,” in “coming months” according to the company’s tweet on December 4.
The following tweet from Binance made it clear about its yet to launch Blockchain:
“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.”
Binance Chain will provide a foundation for creating new cryptocurrencies and Initial Coin Offering tokens.
While speaking at the ‘Decrypting Blockchain for Business’ event held in Singapore, Binance CEO Changpeng Zhao(CZ) revealed the new blockchain and stated that it will be launched in the next couple of months.
Zhao further said the current plans are familiar to the old vision of crypto, with the primary idea is to increase global adoption.
For it to reach the fundamental “payment adoption increase,” Binance will be striving for “pushing really hard into space(payment adoption),” contemplating that an average person is still using crypto coins to pay for their regular needs.
Forbes’ reporter, Michael del Castillo, who was present at the revealing of the new blockchain, commented on Twitter saying:
“We are launching Binancechain very soon, in a couple of 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.”
The crypto-market went through an enormous dip in recent weeks, as Bitcoin dropped from $6500 to $3500, during the course of these weeks.
Despite the exchange volume dropping to almost 50%, Zhao confirmed that business of Binance was still “very stable.” Since January, the company witnessed a significant dip in its trading volume.
Binance also launched its fiat-to-cryptocurrency exchange in Uganda, allowing customers from the country to purchase two of the largest cryptocurrencies: Bitcoin(BTC) and Ethereum(ETH), with the country’s fiat currency Ugandan Shillings(UGX).