A massive Binance Coin transfer is showing off the speed of Binance’s new native blockchain.
Whale Alert spotted roughly $1.23 billion in BNB on the move. The 32,888,888 BNB transfer was from one unknown wallet to another.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 32,888,888 #BNB (1,230,345,109 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) June 26, 2019
Minutes later, Binance CEO Changpeng “CZ” Zhao pointed out that the transaction only cost $0.015 in fees and processed in 1.1 seconds – stats he says are laughable when compared to how long it would take and what it would cost to move that kind of money out of a bank.
yeah, imagine walk into a bank and say “I want to transfer $1.2b, in the next 10 minutes”.
— CZ Binance (@cz_binance) June 26, 2019
In April, Binance ended BNB’s tenure as an Ethereum-based ERC20 token, moving the coin onto its new custom blockchain called Binance Chain. That month, the company also released its decentralized exchange, Binance DEX, which also runs on their native chain.
Zhao says the new exchange fulfills the company’s mission of building a decentralized future and an open global financial system powered by cryptocurrencies and blockchain technology.
“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.”
Last week, Binance launched a Bitcoin-backed cryptocurrency called BTCB on Binance Chain. The coin is designed to give traders a way to essentially buy and sell Bitcoin on Binance’s decentralized exchange.