Binance Aims to Launch a Public Beta of Its Decentralized Exchange by Q1 2019, CEO Says

Binance, the number one cryptocurrency exchange by trading volume, is set to launch a public beta of its decentralized exchange (DEX) by the first quarter of next year. The decentralized exchange was initially announced earlier this year.

According to the exchange’s CEO Changpeng Zhao, known as CZ in the community, there was recently a “productive meeting” regarding the DEX. He revealed the company’s Binance Coin (BNB), which has been bucking the bearish trend, is set to be used as the platform’s native gas, and that it won’t control users’ funds

During an interview with CryptoGlobe at the Consensus Singapore 2016 conference, CZ revealed he believes “decentralized exchanges are the future,” but that it’s going to take us “a few years to get there.”

Per his words, for the foreseeable future he doesn’t believe trading volumes on DEXs will be as high as they are on Binance’s centralized platform – which will coexist with its decentralized one. According to DAppRadar, the top decentralized exchanges on Ethereum are currently IDEX and Fork Delta, with 1,180 and 800 users respectively.

Per the source, IDEX saw over 2,400 ETH (about $562,000) change hands in the last 24-hour period, while ForkDelta saw nearly 430 ETH (about $100,000) be traded in the same period. In comparison, Binance’s 24-hour trading volume was of over $1 billion.

The company’s DEX, as covered, was announced back in March. At the time, the cryptocurrency exchange revealed its Binance Chain DEX would “mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future of blockchain assets.”

Later on, in August, CZ showed the cryptocurrency community a small preview of the decentralized exchange through a video on Twitter.

The company has notably been investing in the future of cryptocurrencies. As CZ has in the past stated, he believes a 1,000x grow in the price of most cryptocurrencies is “definitely possible.”

During his interview with CryptoGlobe, he further noted he thinks that “at any minute the bull market will return, and historically, October to December are the good months.” A seasonality chart of BTC’s prices throughout the past few years shows that In 2015, 2016, and 2017 there were a total of 14 days where it dropped in the fourth quarter.

Tether Gold (XAU₮): A New Tokenized Gold Product Built on Ethereum and TRON

Siamak Masnavi

On Thursday (January 23), Tether launched a new product called Tether Gold (XAUt), which is a crypto token -- available as an ERC-20 token on the Ethereum blockchain and as a TRC20 token on the TRON blockchain -- representing "ownership of one troy fine ounce of physical gold on a specific gold bar" held in a Swiss vault. 

Paolo Ardoino, CTO at Tether, had this to say:

There is growing demand for digital exposure to physical gold, making the launch of Tether Gold a timely innovation in the crypto ecosystem. Tether Gold provides the combined benefits of both physical and digital assets, removing the drawbacks of holding gold in more traditional ways, such as high storage costs and restricted access.

The XAUt token "can be transferred to any on-chain address from the purchasers' Tether wallet where it is issued after purchase." A particular gold bar(s) "will be associated with each on-chain address where Tether Gold is held."

The allocated gold is "identifiable with a unique serial number, purity and weight" and XAUt token holders are able to verify "the details of the gold bars associated with their address" via the Tether Gold product page on the Tether website. 

Tether Good Lookup.png

Tether Gold is a cryptoasset issued/sold by TG Commodities Limited (a UK company incorporated in December 1998). Each XAUt token represents "one troy fine ounce of gold on a London Good Delivery gold bar" and may be "fractionalized up to six decimal places (i.e. in increments as small as 0.000001 troy fine ounce)." 

Here are a few more important things you should know about Tether Gold:

  • You need a verified account with TG Commodities Limited if you want to buy XAUt directly from its issuer. The minimum purchase amount is 50 XAUt (worth approximately $78,250 as of 23 January 2020). The purchase price must be paid in USD.
  • XAUt tokens can be traded on supported exchanges (such as Bitfinex) "in fractions as small as the exchanges permit.", but you do need to pay 
  • There are no custody fees, but you do need to pay "a one-time 25 basis point fee at the time you purchase an XAUt from TG Commodities Limited and certain additional fees on redemption." 
  • To redeem Tether Gold tokens, you need a verified account with TG Commodities Limited. You must have at least "one full bar of gold worth of tokens" in order to use the redemption service. The physical gold can be delivered to either somewhere in Switzerland or the XAUt token holder can ask TG Commodities Limited to sell their physical gold and receive USD from the proceeds of the sale. 

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