Binance DEX will now be available on the Trezor wallet, opening a new doorway for trading crypto assets. This also expands the presence of Binance as a hub for all crypto-related services.
Crypto Users Control Their Private Keys
Trezor offers both an agile access to multiple crypto assets, and a hub to control the hardware wallet. This combines a secure approach to cold storage, which keeps the private key offline while letting users quickly access their stored coins.
— CZ Binance (@cz_binance) November 8, 2019
Binance DEX is one of the fastest-growing decentralized exchanges, adding to the influence of the brand. The DEX is global and permissionless and relies on Binance Chain for its operations. Binance DEX also has its native stablecoins, based on the British pound and the US dollar.
It has already registered volumes above $1.24 million, becoming one of the largest decentralized marketplaces. By partnering with Trezor, the assets remain fully controlled by the user until the final transfer of funds.
The addition of Binance DEX would also be a boost to BNB, the native asset of the exchange. The coin has remained one of the bigger winners and has shown stability during market setbacks. BNB currently trades at $20.23, up as much as 10 times since the lows in December 2018.
The DEX already offers 87 verified coin and token pairings, giving liquidity to most tokens sold through the Binance Launchpad. The network also carries synthetic versions of Bitcoin and Bitcoin Cash, which can transact on the exchange’s blockchain and represent the actual value of their underlying assets, BTC and BCH.
Binance DEX Not Accessible for All Countries
Binance DEX allows connections via the site for three other hardware wallets, Ledger, CoolWallet, and SafePal wallet. Only Trezor was left to be added.
Based on the tutorial published, Trezor users will have to go through the Binance.org website, using a specially created web wallet as an intermediary. This may block some users from 29 countries that may aim to use the DEX.
What do you think about Binance DEX adding Trezor? Share your thoughts in the comments section below!
Images via Bitcoinist Media Library, Twitter: @cz_binance