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Binance Chain Launches, Firm Expects to Implement Mainnet Swap


World’s biggest cryptocurrency exchange by trading volume Binance has launched its mainnet Binance Chain and expects to implement the swap of its native token Binance Coin [BNB] on April 23. The exchange announced on April 18 on its official website.

The global cryptocurrency exchange that enables a platform for trading more than 100 cryptocurrencies first revealed its plans to launch its own blockchain in December 2018. The intention of the plan is to construct a basis for issuing new cryptocurrencies and initial coin offering tokens.

The announcement suggest that the exchange is producing blocks with consensus from the genesis block as of now, with its native coin BNB planned to be implemented in the genesis block.

The announcement further highlights, Binance chain explorer and Web Wallet will be made available to chosen potential partners in beta testing mode. It is expected to be opened to public access “around April 23, 2019.

Binance furnished the details of conversion of ERC-20 BNB tokens into native Binance Chain-based BNB [BEP2] coins along with the introduction of Binance Chain. The exchange highlighted it will not support the withdrawal of ERC-20 BNB tokens after April 23.

According to the announcement the exchange will be issuing more BEP2 coins as more customers convert their ERC-20 BNB to its native BEP2 BNB. Also, the proportional quantities of ERC20 BNB will be burned while “keeping the total supply across both networks constant.”

Currently, Binance is the third largest cryptocurrency exchange by adjusted daily trading volume. Sources reports that Binance’s Q1 2019 profits hiked 66% compared to the previous quarter.

Last week CoinMarketFeed reported, Binance is undertaking on a multi-pronged force to improve compliance strategies across its platform.

Considering the compliance push in mind, Malta-based cryptocurrency exchange Binance announced a new collaboration with the blockchain analytics firm CipherTrace to boost anti-money laundering [AML] methods like tracing the source of on-chain funds and matching customer IDs to complicated wallet addresses with problems.

Earlier this week CoinMarketFeed reported, Binance Labs, the investment wing of Binance, has allocated $45,000 to three different projects. The news was announced by Binance labs in a blog post recently.

Binance Labs has granted $15,000 to each of its first three open-source Fellowship projects. The first project is an open source mobile wallet for Grin blockchain, Ironbelly. The project’s main aim is to facilitate customers to hold and transfer Grin cryptocurrency between people to people.