Crypto exchange Binance has announced that its upcoming decentralized exchange will support hardware wallets from day one of launch.
Last month, Binance said that it will launch its own blockchain “Binance Chain” in the “coming months,” along with Binance DEX, a decentralized exchange. According to the company, Binance DEX is built on top of Binance Chain, which purportedly offers faster transaction times and cheaper fees than ethereum due to its simplicity. The upcoming decentralized exchange will reportedly use Binance Coin (BNB) as a native asset.
“Binance DEX makes it possible for your funds to be more SAFU (Secure Asset Funds for Users) than ever before,” Binance said. “Have your DEX funds secured through decentralized wallet applications like Trust Wallet, which will store private keys only on your device, so traders can retain full control over their funds and private keys. Binance DEX will be maintained as a community project, while details on when Binance Coin will transition from ERC20 token to native Binance Chain asset will be revealed soon.”
In a Twitter post, Binance CEO Zhao Changpeng announced that Binance DEX will offer support for hardware wallets immediately once it launches. While Changpeng did not reveal which specific hardware wallets will be supported, the image he posted shows Ledger Nano S.
The news came a week after Binance opened a crypto-to-crypto over-the-counter (OTC) trading desk to allow its users to trade larger amounts of cryptocurrencies.