One of the top cryptocurrency exchanges, Binance, which also leads the market in terms of overall trading volumes is soon due to start a blockchain of its very own. Its new blockchain network will be known as the “Binance Chain”. According to a recent tweet, the crypto world can expect it soon but no date was specifically mentioned. The tweet, which was posted on 4th of December, 2018, only said that the chain will be launched in the “coming months”. The blockchain network, which will have its roots on Binance’s expertise in fintech, will also serve as the fore for new cryptocurrencies. It will also be used to launch ICO (Initial Coin Offerings) tokens of various kinds.
The company’s tweet read:
“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.”
We had recently reported how the Binance CEO was optimistic about crypto adoption in 2019, and that Changpeng Zhao had referred to some new plans that were being put together for expansion. Clearly, the new Binance chain is one of the tricks Zhao had seemed to be hiding up his sleeve. Some days earlier, it also came to light that Binance had announced their plans with blockchain expansion in a recent private event in Singapore. In the event, organized by Forbes Asia, Zhao had apparently contributed to the section entitled “Decrypting Blockchain for Business” and had further elaborated on his expectations about increased crypto adoption.
Clearly, Binance has its hands full with plans and new projects. Recently, it has also opened a fiat-crypto conversion facility in Uganda, so that citizens can now exchange Bitcoin or Ethereum for their national currency Ugandan shillings (UGX) easily and effectively.