Cryptocurrency exchange Binance has announced its plans to launch a proprietary blockchain that will perform a number of roles.
Binance, buoyed by record profits and substantial goodwill within the crypto community, said it decided to officially launch the development of the Binance Chain.
As a public blockchain, Binance Chain will “mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets”. Binance Chain will focus on performance, ease-of-use, and liquidity. Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet.
The Shanghai-based crypto major said it will transition from being a company to a community.
Founded by Changpeng Zhao in July 2017, Binance has transformed into one of the world’s most popular cryptocurrency exchange platforms. The Binance ecosystem currently comprises Binance Labs, a blockchain technology incubator, and Binance Info (Codex).
Binance was in the news last week when a number of its crypto accounts were phished, and attackers pumped the price of viacoin using them.
But the company acted quickly, and put the exchange on a lock-down, reversing all the fraudulent trades.
Binance announced a $250,000 Bounty for information that leads to the arrest of those responsible for the hacking.