The appeal of Decentralized Crypto Exchanges stems from user having full control to their private keys. With multiple cases of exchanges getting hacked and funds being stolen, having 100% access to ones digital assets will be a driving force for the popularity of the Binance Decentralized Exchange when it is fully launched at a yet-to-be-announced date. One can already see the excitement present with the availability of its testnet to the public.
Ledger Nano S Now Supported
With the testnet of the Binance Chain currently live and running, owners of the Ledger Nano S hardware wallet can now access the platform by installing the Binance Chain app through Ledger Live (developer mode). The team at Ledger made the announcement of Binance DEX supporting the hardware wallet via the following tweet.
Ledger and Binance Partner on the DEX
The official announcement by Ledger explains that they have partnered with Binance on its Decentralized Exchange project. The team at Ledger states the following:
Ledger, a global leader in security and infrastructure solutions for cryptocurrencies and blockchain applications, is thrilled to partner with Binance, one of the largest cryptocurrency exchanges, on its decentralized exchange solution. This entails being able to keep your private keys offline, stored on your Ledger Nano S yet still be able to access the Binance DEX’s trading services.
As earlier mentioned, having access to private keys is essential for any crypto owner who wants to keep his funds secure and away from hackers who have on numerous occasions struck crypto exchanges and got away with millions of funds. The most recent being the New Zealand based Cryptopia exchange that is yet to fully recover from its recent hack. There is also the isolated case of QuadrigaCX’s founder and CEO passing away without making available the private keys to the exchange’s crypto wallets. This has then created a situation where millions of users’ funds are inaccessible. With a DEX, this risks are tremendously reduced.
Extra Responsibility By Users of Decentralized Exchanges
With users have full control of their assets on Decentralize Exchanges, there is it the added responsibility of keeping their recovery phrases secure in the event they lose their hardware wallets. Without the recovery phrases, neither Ledger nor Binance can help access the locked up funds.
What are your thoughts on the Binance DEX testnet supporting the Ledger Nano S from day one? Will you be using the decentralized exchange? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.