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Popular cryptocurrency exchange Binance has announced the launch of its own decentralized exhange (DEX) on Binance Chain.

According to the annoucement, with the Binance Chain mainnet launch, binance coin (BNB), the seventh largest cryptocurrency by market cap to date, has migrated from ERC-20 to BEP-2 to become the native asset on Binance Chain, where BNB is used to assist network transactions.

The Head of Binance, Changpeng Zhao (CZ), says the exchange’s team believes decentralized exchanges “bring new hope and new possibilities, offering a trustless and transparent financial system.”

“With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem,” CZ added.

Binance Chain is a blockchain software system initially developed by Binance and the community. Binance Chain is also a community-driven development project with many developers and contributors from all around the globe.

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