A demo release was announced by the cryptocurrency trading platform’s CEO, Changpeng Zhao, in a tweet. There was also a video with a presentation of a “casual, early, pre-offer” version of a decentralized exchange.
Three main features of the platform are creation, listing and trading of tokens. Zhao’s announcement didn’t include alaunch date or any other details; the tweet also noted that there is no graphical user interface as yet.
Decentralized exchanges are considered more secure than centralized ones, being less vulnerable to hacks. This is because decentralized exchanges allow users to retain ownership of their coins using private keys. Such a setup prevents crypto from being accumulated in one location, which is much easier to attack.
Earlier, in a move towards decentralization, Binance acquired an open-source, anonymous Trust Wallet. Zhao claimed that Trust Wallet will be used as the default wallet on the forthcoming decentralized exchange.