This is a novelty since, until today, the homonymous application was only available for the older Ledger Nano S.
Ledger Nano X is the heir to the Nano S and, unlike its predecessor, integrates Bluetooth 4.2 connectivity. The device, therefore, can be used directly from your smartphone without necessarily having to use a classic PC.
Binance Chain app is now available for the Ledger Nano X in the Ledger Live Manager! This lets Nano X users to connect their device to the Binance DEX to manage and trade with their BNB. Source: https://t.co/3o1IV9p53C @ledger @Binance_DEX @cz_binance $BNB pic.twitter.com/jxEQ08GEvh
— MoNoico (@monoico_com) June 3, 2019
This is a significant step forward, since many people today rely almost exclusively on tablets and smartphones. Not only that, a device that can be used by the smartphone allows the use of mobile wallet hardware, making the solution suitable for crypto payments in the retail world.
Binance Dex arrives on the hardware wallet Ledger Nano X
To use Binance Dex, the decentralized exchange of Binance that relies on the Binance Chain, it is necessary to manually install the application using Ledger Live, the application dedicated to the management of the hardware wallets of Ledger’s house.
Using Ledger Live, in fact, you can manage and install new applications, as well as control your funds and access your wallets for transactions.
As Binance Dex is a decentralized exchange, the only way to trade on the distributed platform is by using your wallet as your account. In this way, you have the security of always having control of the funds, which will not be stored in a centralized platform but in the wallets of various users.
A bit like it happens on the hybrid exchange of Eidoo and Idex, where the funds are managed by a personal smart contract created ad hoc on the blockchain of Ethereum and which you can only access through your wallet.
The news of Binance Dex comes in conjunction with another announcement, namely the arrival of the first stablecoin anchored to the value of the British pound on the Binance Dex. This is very interesting news, since this stablecoin was created directly by Binance in order to encourage the adoption of Binance Dex, where, at the moment, there is no stable coin of reference.
Who knows if in the future Binance will introduce other stablecoins already existing on its Dex or if a series of coins will be created anchored to the various fiat currencies.