Binance CEO: “We Are Launching Binancechain Very Soon,” BNB Up 10%

Binance CEO: “We Are Launching Binancechain Very Soon,” BNB Up 10%
Justine Pope
  • In a recent interview, Binance CEO Changpeng Zhao disclosed that they are close to launching their proprietary decentralized exchange blockchain, known as Binancechain.
  • This news resounded with the crypto community, as the price of Binance Token (BNB) rallied 10% behind the news.

This morning, Binance CEO Changpeng Zhao (also known as CZ) shared some bullish news for the Binance community. Speaking at Forbes Asia, CZ disclosed that the launch of Binancechain is going to be “very soon.” The full quote reads:

Binance has previously announced that it will be launching Binancechain, a proprietary blockchain that will be used to host tokens and pay for trading fees. As of today, Binance’s native currency (BNB) is an ERC-20 token, meaning it is built on the Ethereum blockchain. Its current purpose is to help users save on trading fees. When users pay for trading fees with BNB, they save 25% on the cost of their orders.

Binance hopes to use its own blockchain to allow users to issue assets easier and trade faster. Operating on the Binance blockchain will mean that the exchange won’t have to interact with the Ethereum chain, which has dealt with congestion problems in the past. For example, when CryptoKitties was launched, there were so many pending transactions that fees and confirmation times went through the roof.

CZ has remained a big-time cryptocurrency bull. Earlier this year, in an exclusive interview with CryptoGlobe, he said that “at any minute the bull market will return, and historically, October to December are the good months.” To prepare for the bull market, Binance has been hard at work preparing Binancechain and its complementary decentralized exchange (DEX), which was announced earlier this year:

To see a demo of Binancechain in action, click here for a video from Binance.

Its Binance Token (BNB) is reacting nicely to the news. Over the past 24 hours, it’s risen from a low of $5.05 all the way up to $5.60, for a nice 11% gain.

BNB/USDT Chart from CryptoCompare