If you have a tough time with the idea of putting even a dollar of your net worth into a digital cryptocurrency — Bitcoin, Litecoin, Ethereum, and the like — no sensible person would blame you.
Aside from the price fluctuations, there’s the question of who’s protecting those digital assets. Is it an institution like QuadrigaCX, an exchange for cryptocurrency run from its founder’s laptop, which reportedly lost $140 million in customer funds after the founder died in India in December? Or one like Tokyo-based Coincheck, which had $532 million in cryptocurrency stolen by hackers in January 2018?
“Every time I see one of these exchanges get hacked, or the founder take off with money in some kind of scam, it’s another reminder of how immature this industry is,” says Matthew Walsh, a former Fidelity Investments vice president who helped launch a private fund that invested in cryptocurrency there. “It’s bordering on a joke how immature the infrastructure is — and how dangerous it is.”
But for a growing group of venture capital firms and startup companies in Boston, the dangerous and mostly unregulated realm of cryptocurrency represents an opportunity. They see these digital currencies — which can store value and operate independently of government-controlled monetary systems — eventually becoming as safe for investors as a Bank of America money market fund. That, however, is going to require a lot of new technology. Which they plan to build and sell.
Walsh’s new venture capital firm, Castle Island Ventures, is among them. After he and cofounder Nic Carter left Fidelity, they raised $30 million to invest in what Walsh says is a “whole new category of infrastructure” required to make cryptocurrency safer and more reliable.
“The reason we launched the fund is we think a lot of these cryptocurrencies will be investible assets,” Walsh says — even if they don’t feel that way to most mainstream investors today.
Castle Island has already invested in six startup companies, Walsh says, and other local firms like General Catalyst, First Star Ventures, Highland Capital Partners, and Underscore VC have also been writing checks to fledgling cryptocurrency companies.
Highland and Underscore helped incubate a startup called Arwen, founded by a Boston University computer science professor and her doctoral student.
“We’re in the early days,” says Arwen CEO Sharon Goldberg. “But let’s go back to 1999 and using credit cards on the Internet. Nobody wanted to put their credit card number into a website. But you do today, because you trust the encryption. You see that little lock in your browser.”
Goldberg is taking a sabbatical from teaching to build the company, which has eight employees and earlier this month moved out of Underscore’s space into its own office.
She points out that cryptocurrency is designed to be a “decentralized” system — there’s no central bank regulating how much of it there is, just software code running on computers. Yet if you want to exchange one kind of cryptocurrency for another, or turn cryptocurrency into dollars or yen, you need to entrust that transaction to a centralized exchange. “Centralized exchanges are the way to trade this decentralized currency,” Goldberg says. “It’s strange.”
So Arwen is creating a layer of technology that would enable you to convert one currency into another securely, even if the exchange gets hacked or goes offline in the middle of a trade. Arwen’s technology is based on something called an “atomic swap,” which Goldberg explains using the metaphor of a briefcase full of cash. If two people intend to swap briefcases filled with two different kinds of currency, the risk is that you hand your briefcase to the other person and they run off. An atomic swap ensures that each person get the other person’s briefcase, even if the other person tries to split.
Late last month, Arwen launched a “sandbox” environment for demonstrating the technology, and Goldberg says the company is talking with prospective customers. “The majority of our customer calls are outside of the US,” Goldberg says. “In Japan, for instance, there are just a massive number of companies creating ways to buy cryptocurrencies.”
Why is the United States behind? “Regulation is stronger here, and other institutions are more trustworthy,” she says.
Arwen is working on “an important problem” and it could prove “a key missing piece needed to get wider adoption of crypto assets as a real investment asset class,” says Drew Volpe of Boston-based First Star Ventures.
Volpe’s firm last year put money into Everbloom, which is building its own cryptocurrency exchange that tries to solve the issues of trust and reliability “from the ground up.” Everbloom, he explains, is a decentralized exchange that never has to take ownership of the asset itself — similar to Arwen’s approach, the trades happen “trader to trader” using the same atomic swap idea.
Two things could happen to make holding and trading cryptocurrencies more trustworthy, observes Boris Revsin, managing director of Republic Labs, a firm that has made recent investments in the cryptocurrency sector.
One is that trusted financial services brands like Fidelity or Charles Schwab will launch cryptocurrency-related products and services and “offer recourse if something terrible happens” to your money, he says.
But the other is that non-brand name exchanges that today are not trustworthy could start to incorporate technology from Arwen or other companies like it, and begin to build trust with investors.
Either of those scenarios, Revsin says, could encourage more asset managers and investors to move some of their assets into cryptocurrency.
In case you haven’t been tracking it closely, the price of Bitcoin is down almost 60 percent from February 2018. But over two years, the price has risen 240 percent, and more than 800 percent over three years. It’s a risky place to keep your wealth today — but investors and entrepreneurs are betting that just as credit card transactions on the Internet became more trustworthy, that will change.
Jesse Powell, the CEO of a major crypto exchange Kraken, warned users of digital assets to not store funds on trading platforms.
The warning of Powell follows a high profile security breach suffered by Cryptopia, a New Zealand-based crypto exchange known for its listing of a wide range of small market cap tokens.
Why Investors Shouldn’t Hold Crypto on Exchanges
Any application or platform connected to the internet by nature is hackable. In essence, centrally operated crypto exchanges are similar to banks in that they hold the private keys and funds of users.
If a hacker gains access into the central servers or internal management system of an exchange, the hacker can steal user funds, private information, and financial data.
As Powell said, a more secure way of storing cryptocurrencies is in a hardware wallet or a non-custodial wallet that allows users to manage their own private keys.
“Please do not store more coins on an exchange (including @krakenfx) than you need to actively trade. Use Ledger or Trezor. DEXes are not a panacea — look at the DAO. Open source just means exploits will be discovered sooner (probably not by good guys),” he noted.
Some experts have argued that major centralized exchanges can be safer for casual or beginner crypto users because it is possible for new users to mismanage private keys and sensitive data.
Well regulated cryptocurrency exchanges like Gemini, for example, have insurers in place that are able to reimburse investors in an unlikely event of a security breach or a hacking attack.
In October, Gemini revealed that it obtained insurance coverage from Aon, one of the largest insurance service providers in Europe.
In light of recent hacking attacks on cryptocurrency exchanges, certain markets including South Korea have requested trading platforms to obtain insurance to protect investors and their capital.
Centralized crypto exchanges are still vulnerable to security breaches and it is difficult to have all of the user funds insured by insurance companies.
The risk in storing crypto in a hardware wallet or a non-custodial wallet is the lack of presence of a company or a representative that could help an investor recoup funds in an event that a private key is lost.
But, the responsibility is fully on the investor to securely manage funds and back up wallets on a regular basis and as long as the wallet is well maintained, there exists no possibility of a security breach.
The Cryptopia hack, which prompted Kraken CEO Jesse Powell to ask investors to avoid storing funds on an exchange, is currently being investigated by the New Zealand police.
In an official announcement, the New Zealand police said:
A significant value of crypto-currency may be involved and Police are taking this very seriously. We are currently talking to the company to gain a further understanding of what has occurred. A dedicated investigation team is being established in Christchurch including specialist police staff with expertise in this area.
It remains uncertain whether the exchange will be able to reimburse every investor affected by the hack.
Almost US$1 billion (around SG$1.35 billion) in cryptocurrency assets was swiped by hackers in 2018. According to blockchain security firm CipherTrace, last year’s crypto losses of approximately US$927 million (around SG$1.2 billion) were 3.5 times higher than the levels seen in 2017, which came to US$266 million (around SG$359.6 million). The most significant theft was reported by Japanese exchange Coincheck, which lost US$530 million-worth (around SG$716.5 million) of cryptos.
Cryptocurrency custodians and exchanges are sitting ducks against sophisticated, professional cyber thieves as many lack sufficient levels of defence and risk transfer for crypto-related trading operations. That can largely be attributed to a lack of understanding of the risks involved in crypto-trading, as well as a dearth of capacity in the crypto insurance and risk management space.
However, as more and more financial services establishments enter the cryptocurrency arena, the insurance industry has reacted by establishing full-service insurance products that can protect crypto assets. One company leading the way in this growing insurance market is BlockRe, which claims to be the first company in the world to focus solely on providing insurance for holders of cryptoassets and users of blockchain systems.
“There are more than 1,500 exchanges for cryptocurrencies around the world, and many of them do not have the necessary insurance coverages or risk management procedures in place that customers, especially institutional customers, would like to see,” said BlockRe president and COO, Raymond Zenkich. “The need for more insurance solutions for cryptocurrency custodians, exchanges, or any digital asset related institution is very real. As it develops, the crypto-market’s insurance needs would be very similar to what you see with other financial products. A number of infrastructure components are needed, including the primary and secondary markets, the investors, the regulation, the infrastructure and the insurance. Most of those components are reasonably well-developed in the crypto space … apart from insurance.
“Big brokerages are providing some very large cryptocurrency insurance coverages, with huge sets of layers and reinsurance backing. While those products are great, we would argue the underwriting isn’t terribly complex for a number of reasons. The companies they’re insuring have been in the crypto space for a number of years, they have large security teams and good cyber hygiene, so the risks aren’t too great. In contrast, the rest of the market – approximately $500 million of limit and under – is massively underserved, and the biggest reason for that is the dearth of capacity in the marketplace. There’s only a handful of markets underwriting in this space, and many of them lack the underwriting expertise to transfer the risks appropriately.”
Key exposures in the cryptoasset space include: the loss or theft of private keys, cyber crime (hacks), errors and omissions, and kidnap and ransom. BlockRe assists firms by providing a full audit of crypto-related trading operations, risks, processes, procedures and the greatest areas of risk, and translating that information so that insurance brokers, wholesalers and carriers can begin to assess and price the risks appropriately. The pioneering firm is also focused on educating the insurance industry and the end-clients about the risk transfer products available in the insurance marketplace.
“Awareness of the risks associated with how cryptoassets are being held, and with whom, is increasing,” Zenkich told Insurance Business. “People are very familiar with FDIC and SIPC type protections, and they are surprised to learn that these protections do not extend to the largely unregulated world of crypto assets such as cryptocurrency exchanges and wallet providers. Without insurance or risk mitigation programs in place, the risk of never again seeing crypto assets that were lost or stolen is unfortunately very real. Just ask customers of Mt. Gox. It’s increasingly important for insurance brokers to get that message across to their crypto clients, especially institutional clients.”
While the vast majority of the cryptocurrency industry has been both chaos and turmoil in 2018, there is a hidden gem which has bucked the bearish trend. The project is Turtle Network, which forged its first ever block in April ’18 and managed to increase its market cap substantially and perform over one million transactions in under 8 months.
But you would never know any of this, because almost everything Turtle Network has done until now has been a quiet, grassroots effort. There are no paid employees, everyone who works on the project is either a volunteer or helping in exchange for bounties.
What is Turtle Network?
“It’s an open, trusted, secure and distributed Blockchain Network for everyone with a build-in Decentralized Exchange (DEX).”
Here are some current facts about the Turtle Network;
Over 30 independently run nodes support the Turtle Network security across 13 countries worldwide.
Turtle Network is based on a tech stack called scorex (funded by IOHK).
Turtle Network is the first successful fork of the Waves platform and supported by a number of key players from inside the Waves ecosystem.
Approximately 76% of the entire supply of TN is already staked.
There is a built-in Decentralized Exchange (DEX) inside the Turtle Network wallet able to handle over 100 transactions per second.
Turtle Network just completed its one millionth transaction.
ERC-20 gateways are live.
What is Turtle Network’s value proposition?
Open, transparent, and collaborative discussions and decisions.
Open developer-friendly environment.
Gateway Framework allows other network coins or tokens to utilize the Turtle Network, DEX, Telegram tipping bot & access to the strong Turtle Community. The Turtle Network utilizes Gateways for bi-directional token transfer on/off the network, in a quick and seamless manner.
ICO Due Diligence (IDD) framework to assist ICO holder with Due Diligence and investor with risk management.
Telegram tipping and instant trade bot.
We aspire to allow the community to be actively involved in binding decisions through blockchain voting (secure, transparent & fair)
With the main foundation now in place, the Turtle Network is looking to list coins/tokens from other platforms.
So, what additional reasons are there for you list your coin/token on Turtle Network?
Coin/token Gateway listing is inexpensive and includes self-managed options. There is a promotion running at the moment.
Listing a coin on Turtle Network helps support a grassroots project that has great tech and is not some blood-sucking for-profit corporation.
The Turtle Network telegram community is very tightly-knit has over 1,500 cryptocurrency enthusiasts, many of which are welcoming new projects with open arms and helping create exposure to those projects.
Every listed project gets access to the telegram tipping bot which allows people to easily tip and trade a coin/token from within telegram without having to go through technical setup of making a wallet.
Tip bot allows people to tip your coin/token. This gives you an opportunity to really spread the circulation of your token via community.
Trade bot allows people to buy and sell your coin/token without having to even leave the comfort and safety of telegram.
The over-the-counter (OTC) market has long been considered to be bigger in size and volume than the crypto exchange market, having a bigger impact on the Bitcoin price.
Large institutional investors and high profile retail traders often rely on the OTC market for orders that typically exceed $1 million to ensure the market has enough liquidity to facilitate the settlement.
Why OTC Market is Better Than Bitcoin Exchanges
On major fiat-to-crypto exchanges like Coinbase, Skew, a cryptocurrency options market data provider, said that purchasing over $4 million in Bitcoin could cost an investor a 10 percent premium.
The inefficiency of placing large orders on cryptocurrency exchanges naturally lead investors into the OTC market, as large premiums result in substantially higher rates.
The Skew research team wrote:
Buying 1,000 BTC at market today on Coinbase would cost you $4,400 per coin, almost 10% of premium to spot for only a $ million trade. Not good. Like in FX, the liquidity for physical bitcoin is fragmented across exchanges so market makers will usually put together the various order books – ‘aggregated order books’ – and execute across venues. Still, the liquidity for physical bitcoin is not great.
Throughout the past several months, several major cryptocurrency exchanges in the likes of Coinbase have established custodial solutions to help institutions invest in the digital asset market with high liquidity.
The minimum investment threshold on Coinbase Custody is $5 million, which if bought on cryptocurrency exchanges could easily result in a 10 to 15 percent premium rate.
In July, TABB Group, an international research company, reported that the OTC market is estimated to be two to three times larger than the cryptocurrency exchange market.
The cryptocurrency exchange market processes around $4 billion worth of Bitcoin trades on a daily basis. Based on the findings of Tabb Group, the OTC market could be processing nearly $8 billion per day and up to $12 billion.
At the time, Monica Summerville, a senior FinTech analyst at Tabb Group, responded to inquiries on the lack of movement of large transfers on the Bitcoin blockchain by stating that in many cases, Bitcoin holders pass on the wallets and the private keys to the wallets to the buyers and as such, not all transactions are broadcasted to the public blockchain.
“Our reports are based on interviews and with participants in markets, cover more than BTC and keep in mind that not all transactions show up on public blockchains as many venues omnibus accounts so only net changes to their positions will be written to public blockchain,” she said.
Custody Will Increase the Volume
In the fourth quarter of 2018, Fidelity, the fourth largest asset manager in the world, debuted Fidelity Digital Assets to provide cryptocurrency custody targeted at institutional investors.
The trend in several major markets including Japan, South Korea, and the United States is shifting from the development of infrastructure focused on individual traders to custodial solutions and strictly regulated investment vehicles, which may allow the OTC market to have even a larger impact on the price trend of Bitcoin in the long-term.
The Bison App developed by Sowa Labs, a wholly-owned fintech subsidiary of Börse Stuttgart, the second largest stock exchange in Germany has announced plans to launch a cryptocurrency exchange platform with initial support for Bitcoin, XRP, Ethereum and Litecoin. Making the announcement in a post on its official Twitter account, Bison App revealed that the new service will go into its exclusive beta testing phase sometime in January 2019 in what will be a significant move for a platform owned by Europe’s ninth-largest stock exchange.
Das Boarding beginnt!🚀Ab sofort starten wir die BISON Beta Phase mit Personen der VIP-Liste – im Januar nehmen wir auch BISONews-Abonnenten auf. Mehr auf: https://t.co/YbvJqqgD4c. Ende Januar 2019 planen wir die BISON App in den deutschen App Stores zu veröffentlichen.#beta#apppic.twitter.com/6P7gf1FMFy
Boarding starts! From now on we start the BISON Beta phase with people on the VIP list – in January we also welcome BISONews subscribers. More on: http://www.bisonapp.de . At the end of January 2019, we plan to publish the BISON app in the German app stores. #beta #app
Game Changer For Crypto Trading in Europe?
In April, CCN reported that Sowa Labs revealed the Bison app was developed to rival Robinhood by providing fee-free trading to users. At the time, it was described by Sowa Labs Managing Director Ulli Spankowski as “the first crypto app in the world to be backed by a traditional stock exchange.” At that time, the release date for the app was set for sometime in September, but a number of delays meant that this has now been pushed back to 2019.
Confirming the information provided earlier in the year regarding the crypto assets that will be supported initially, Bison app then posted:
The English translation reads:
Yes, we start with @BTC @ETH, #LTC and #XRP 🙂 more cryptocurrencies are then included step by step.
According to information provided earlier, the platform will offer users simplified ID verification as part of a raft of design and UX solutions intended to create an experience that is as seamless as possible. According to Spankowski, Bison app users can expect to have their onboarding KYC process completed in a matter of minutes as against the days it usually takes other platforms.
Users will also be availed of a new ‘Cryptoradar’ tool that provides users with real-time market sentiment by aggregating and analyzing more than 250,000 tweets to gauge the investment mood and appetite of market participants. Following the January launch, the service will be rolled out in tiers to various user groups.
CCN has previously reported that Germany’s central bank and the Deutsche Boerse completed a blockchain settlement trial as the world’s fourth largest economy continues to explore blockchain adoption with a level of enthusiasm that has often not been matched by other major global economies.
HBUS, the exclusive US partner of massive Asian exchange Huobi, continued its funny billboard campaign this week with a new installment.
The new billboard depicts an aged man and reads:
Who says crypto is stressful? I’m 28 and I feel fine.
It then encourages the viewer to enjoy stress-free trading at HBUS, which still has a couple weeks of fee-free trading left to encourage new users to try them out. As previously reported, they opted to cut fees out entirely for the remainder of 2018 earlier this year.
The billboard is located at the busy intersection of 3rd and Jessie in San Francisco, in the financial district. Like their previous billboard, it is intended to be lighthearted. It is also timely: recent trends in crypto trading could certainly stress anyone out, with volatility driving the price wherever it feels like. On that note, the price recovered a bit in the past 24 hours, seeing a bump to almost $4,000 at one point, prompting CCN analysts to call for long positions in most cases.
Harkens Back to Funny Campaigns of Old
Frank Fu, the CEO of HBUS, said in a press release:
HBUS is committed to providing an easy-to-use experience for our customers when they trade on our digital asset marketplace. With the holiday season, it’s important for people to focus on spending time with their families and having a stress-free holiday season.
HBUS’ creative director Laurel Hodge pointed out that HBUS is intentionally taking a unique approach to marketing, saying:
Self-aware, irreverent humor isn’t an approach often used by financial institutions. HBUS is a forging a new path with a bold, unapologetic personality.
Such strategies have been successful for other firms in the past. The E-Trade campaigns come to mind:
On December 12, Boerse Stuttgart, the second-biggest stock exchange in Germany and the ninth-largest in Europe, said in an official statement that it plans to introduce a crypto trading platform by the second quarter of 2019.
Alexander Höptner, the CEO of Boerse Stuttgart GmbH, stated:
“With its combination of technology and banking expertise, solarisBank is a great partner for us to offer central services along the value chain for digital assets. solarisBank’s Blockchain Factory supports us in taking trading in crypto currencies and tokens to the next level and in setting new standards in transparency and reliability.”
In the upcoming months, Boerse Stuttgart will collaborate with solarisBank to establish an end-to-end infrastructure for cryptocurrencies, allowing investors in the public market to trade digital assets.
What Effect Will it Have on Europe?
Throughout the past five years, despite its lead in infrastructure and talent, Europe has struggled to compete with up-and-coming markets that were rapidly establishing the infrastructure around cryptocurrencies.
Consequently, markets like Singapore, South Korea, and Japan have become the largest cryptocurrency markets in terms of volume and the value of startups based in the three countries, just behind the United States.
According to cryptocurrency market data provider CryptoCompare, less than a year ago, major cryptocurrencies in the likes of Bitcoin and Ethereum both have had most of their daily volumes concentrated in Japan, South Korea, and the United States.
However, over the past several months, possibly influenced by the G20’s call to regulate crypto and the open-minded stance of a handful of European countries such as the U.K. and France toward cryptocurrencies, the euro (EUR) trading pair has started to account for a fair share of both Bitcoin and Ethereum’s volumes.
The development of a cryptocurrency trading platform by Boerse Stuttgart comes in a time during which digital asset exchanges in Europe are starting to record decent volumes that are sufficient compete against established markets.
Currently, apart from regulated fiat-to-crypto trading platforms such as Bitstamp, the European market already has several publicly-traded investment vehicles that allow accredited individual and institutional investors to invest in.
Nasdaq Stockholm in Sweden listed a Bitcoin exchange-traded note (ETN) in 2015, which billionaire investor Mark Cuban invested in Bitcoin with, and Amun Crypto recently released an exchange-traded product (ETP) that tracks the price of five major cryptocurrencies in the market.
On November 18, the SIX Swiss Exchange gave the green light to Amun to operate the first crypto ETP in the country.
At the time, Amun CEO and co-founder Hany Rashwan said that the company might consider expanding to other regions in the long-term, adding:
“We believe Switzerland to be the best jurisdiction for our base and intend, after launching our initial products on the SIX Swiss Exchange, to both launch additional products as well as dual-list across additional geographies and stock exchanges.”
The contentious Bitcoin Cash hard fork on November 15 is generally thought to be the trigger that led the crypto market to suffer a brutal cash.
But, with enough liquidity and volume, analysts said that the market could have been able to absorb the event, preventing digital assets from falling by 80 to 99 percent.
As the infrastructure around crypto strengthens with more regulated options for investors, the liquidity of cryptocurrencies will grow, possibly adding more stability to the asset class.
After months of waiting, the hopes and dreams of ripple (XRP) investors may finally be realized — at some point in the near future, anyway. Yes, XRP fans, crypto exchange Coinbase has confirmed that it is exploring adding support for the second-largest cryptocurrency to its platform.
The San Francisco-based Coinbase announced the move on Friday when it revealed that its adding support for a “broad range of assets” — more than 30 were explicitly named — including other market heavyweights including cardano (ADA), EOS, NEO, and tezos (XTZ).
XRP investors had long complained that ripple was not listed on Coinbase, the most popular crypto exchange for first-time buyers in the US and many other jurisdictions, even as the company listed smaller cryptocurrencies such as 0x and seemingly more controversial ones such as zcash — which can be used to make anonymous transactions.
The announcement follows Coinbase’s decision to revamp its listing process, which the firm said would allow it to provide support for a much larger range of cryptocurrency assets, though some would not be listed in all jurisdictions due to local regulations.
Of course, “exploring” is not the same thing as “listing,” and Coinbase stressed that the company “cannot guarantee” that every cryptocurrency named in the announcement will make its way onto Coinbase Pro and Coinbase.com. Moreover, some cryptocurrencies may only receive limited support.
From the post:
“Adding new assets requires significant exploratory work from both a technical and compliance standpoint, and we cannot guarantee that all the assets we are evaluating will ultimately be listed for trading. Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet.”
Even so, the confirmation that Coinbase is at least evaluating the addition of XRP to its platform is a marked departure from earlier this year when company executives suggested that the firm had listed every asset for which it believed there was regulatory clarity. XRP, like many other cryptocurrencies, has been plagued by accusations that the token is a security and that blockchain startup Ripple — with whom it is closely associated — issued it through an illegal securities offering. Ripple denies those allegations.
Binance, a leading bitcoin and cryptocurrency exchange today unveiled a preview of their new (DEX). In a few months, the community-driven decentralized exchange will launch and enable traders to issue and exchange digital assets without having to deposit onto the central exchange. Development has gone from concept to built interfaces, check out a sneak peek of how it works below.
Send tokens to others on the DEX, and receive some in return
Burn tokens as needed
Freeze some tokens, and unfreeze them later
Propose new trading pairs, with the whole community having a say on the merits of the pairing
Send buy and sell orders through trading pairs the community created
Binance DEX makes it possible for funds to be more ‘SAFU’ than ever before. Users can have their DEX funds secured through decentralized wallet applications like Trust Wallet, which will store private keys only on a user’s personal device, so traders can retain full control over their funds and private keys.
Binance DEX will be maintained as a community project and is expected to launch early next year, while details on when Binance Coin will transition from ERC20 token to native Binance Chain asset will be revealed shortly.
To see an earlier preview of the Binance DEX, which shows how the coding works for the decentralized exchange, see below: