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Binance to Launch Its Own Blockchain named Binance Chain in Coming Months

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On Dec 4, Binance, the world's largest crypto exchange by trading volumes, revealed that it will launch its own blockchain "Binance Chain" in the coming months. Changpeng Zhao, CEO of Binance also revealed in a series of tweets that Binance Chain will be used for the issuance of Initial Coin Offering (ICO) tokens and will also provide a basis for creating new cryptocurrencies.

There will be Millions of Coins and Thousands of Blockchains

As per Forbes, Binance announced their plans amid an ongoing private event in Singapore hosted by Forbes Asia. Binance CEO Changpeng Zhao (CZ), while speaking at the "Decrypting Blockchain for Business" event, stated that the new plans of the company actually point towards an old vision of crypto which will lead to increase in its adoption on a global scale. The CEO also said that in order to reach a fundamental "payment adoption increase", the company will be pushing really hard into that space.

Binance's business was still very stable regardless of the recent exchange volume drop of around 50 percent, as well as the significant decline of the crypto markets this year.

Earlier on Nov 8, CZ revealed that Binance's business was still very stable regardless of the recent exchange volume drop of around 50 percent, as well as the significant decline of the crypto markets this year. The CEO also stated that while Binance possessed just a percent of the trading volume of Jan 2018, the volumes are still higher than those of 2-3 years ago and the business was still profitable.

In a recent venture, Binance has launched its fiat-to-crypto exchange in Uganda that enables its customers to purchase two major cryptocurrencies - Bitcoin (BTC) and Ethereum (ETH) with local fiat currency Ugandan shillings (UGX).

Binance has launched its fiat-to-crypto exchange in Uganda that enables its customers to purchase two major cryptocurrencies - Bitcoin (BTC) and Ethereum (ETH) with local fiat currency Ugandan shillings (UGX).

At press time, Binance is one of the largest cryptocurrency exchanges in the world, with an adjusted trade volume of around $587 billion, according to CoinMarketCap.

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