The world’s largest cryptocurrency exchange, Binance, has announced the launch of its own blockchain, Binance Chain, in a bid to take on Ethereum in offering support to decentralized exchanges.

In addition to Binance Chain mainnet, the company also has plans to start a decentralized exchange of its own sometime next week. The company’s native token, Binance Coin BNB, will be moved from Ethereum and will go on to become the main cryptocurrency in Binance Chain blockchain.

All of the BNB in circulation in the crypto market will transfer from Ethereum to Binance Chain via a token swap. BNB has a total market cap of $2.95 billion and is one of the leading tokens on the Ethereum network presently.