Binance launches its own blockchain

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Binance, one of the biggest crypto exchanges by trading volume has announced that it is launching its own blockchain called “Binance Chain” in the next few months. In a tweet, the company said that this venture would provide a basis for creating new cryptocurrencies and ICO tokens.

The announcement on Twitter said: “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.”

According to Forbes, Binance announced their plans during a recent private event in Singaporehosted by Forbes Asia. Binance CEO, Changpeng Zhao, was talking at the conference “Decrypting Blockchain for Business” event, “stated that the new plans actually indicate an old vision of crypto, which will expectedly lead to increasing its adoption on a global scale.” Forbes’ author Michael del Castillo commented on Twitter that the he expects that there will be “millions of coins and thousands of blockchains.”

Zhao said that in order to get an increase in payment adoption the company will be “pushing really hard into that space,” and also seemed to suggest that the reason behind this was that Binance’s original goals hadn’t worked out as expected.

Zhao also said that Binance’s business was still “very stable,” even though the exchange had experienced a significant drop in trading volume, and pointed out that while Binance possessed just 10 percent of the trading volumes they had in January 2018, the volumes are still higher than those of “two or three years ago,” and the business is “still profitable.”

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