Cryptocurrency exchange ChangeNOW turns to the newly created Binance Chain, an Ethereum-like blockchain public network developed by China-based Binance. Thus, ChangeNOW’s native token, with the ticker NOW, becomes the first token to be issued on the Binance Chain. Besides, NOW has good chances to be listed on the BinanceDEX, the decentralized exchange built on the Binance Chain.
What are Binance Chain and BinanceDEX?
Binance Chain is the blockchain network developed by Binance. The testnet version was launched in February of this year, while the mainnet version became available for everyone on April 18, 2019.
The first and main use case of Binance Chain is BinanceDEX, a decentralized exchange that isn’t be governed by any single entity. This is the real purpose of cryptocurrency – to maintain the decentralized nature of the blockchain network. However, other DEX exchanges have failed to succeed, especially because they have been too slow and have provided low liquidity.
BinanceDEX was launched on April 23, 2019, the same day when Binance conducted its Mainnet Swap, meaning that it started the conversion of ERC-20 BNB tokens to Binance Chain-based BNB tokens (BEP2). Basically, the tokens were moved from the Ethereum network based on a 1:1 ratio. The news has had a bullish impact, with Bitcoin and other cryptocurrencies noting a short-term rally.
Binance representatives reportedly said that trading would launch within the next few days when tokens are issued and listed on the decentralized exchange and trading pairs are created. As of today, users can only create wallets.
ChangeNOW’s Token Issued on Binance Chain
Soon after the Binance Chain launch, ChangeNOW announced that it had become the first token after BNB to be issued on Binance’s blockchain network. However, users are not forced to move from Ethereum, which currently underpins the NOW token.
ChangeNOW might be regarded as a rival to Binance, though the latter doesn’t mind to support the ChangeNOW exchange and drive a healthy competition in the crypto space.
To ensure a smooth conversion process, ChangeNOW will be moving 50% of the NOW supply, currently at 200 million tokens, to the Binance Chain, while the other half will remain on the Ethereum network. When the move starts, ChangeNOW’s new service called NOW Swaps will help users to convert the coins based on the 1:1 ratio. On a side note, NOW Swaps will also support the swap from ERC-20 BNB to BEP-2 BNB tokens on ChangeNOW at a 1:1 rate, free of charge.
Besides this, the NOW token has great chances to be listed on the BinanceDEX, the decentralized exchange underpinned by Binance Chain. On April 25, Binance CEO Changpeng Zhao called the community via his Twitter profile to share opinions whether the NOW token should be added to BinanceDEX.
— CZ Binance (@cz_binance) April 25, 2019
Most of the comments on the community blog were positive. Thus, NOW will almost surely become among the first tokens to be listed on BinanceDEX, including because it got the vote from the Binance CEO himself.
ChangeNOW is a cryptocurrency exchange service operated by ChangeNOW International Ltd., a company registered in Belize. The exchange platform revolves around an intuitive and convenient interface while offering a high degree of safety. It’s worth mentioning that ChangeNOW is a non-custodian service, meaning that it doesn’t store users’ funds and doesn’t require account creation.
Currently, ChangeNOW offers exchange services for over 170 coins. The fiat conversions are also available via VISA or MasterCard thanks to a partnership with Indacoin.
On April 24, 2019, ChangeNOW launched NOWPayments, a completely new crypto payment solution aimed to drive crypto adoption worldwide.