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Introduction of Binance

What Is Binance Coin (BNB)?

Binance Coin is the cryptocurrency issued by Binance exchange and trades with the BNB symbol. As of June 2021, Binance Exchange is the largest cryptocurrency exchange in the world, supporting more than 1.4 million transactions per second.

Understanding Binance Coin

Binance coin initially ran on the Ethereum blockchain with ERC 20 standard but has since become the native coin of the Binance chain. It was launched during an initial coin offering (ICO) in July 2017 and has a strict maximum of 200 million BNB tokens. It offered 10%, or 20 million, BNB tokens to angel investors, 40%, or 80 million, tokens to the founding team, and the remaining 50%, or 100 million, to the various participants through the ICO process.

Almost half the funds raised during the ICO process were intended to be used for Binance branding and marketing, while around one-third were used to build the Binance platform and perform necessary upgrades to the Binance ecosystem.

BNB was initially based on the Ethereum network but is now the native currency of Binance's own blockchain, the Binance chain.

Binance Coin Burning

Although 100 million Binance tokens were initially offered in the ICO, the current total supply is lower. Every quarter, Binance uses one-fifth of its profits to repurchase and permanently destroy, or "burn," Binance coins held in its treasury.

Binance has regularly performed these burning events. The latest BNB burn came on April 15, 2021, when Binance burned a total of 1,099,888 BNB, equivalent to $595,314,380 USD worth of tokens. It is Binance's 15th quarterly BNB burn and its largest ever in terms of U.S. dollars. The total supply of BNB has decreased from 170,532,825 to 169,432,937.

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Comments

  • Damilola247
    Damilola247 Posts: 156 Points
    Binance or BNB is a cryptocurrency exchnge,trading,dealing and investment platform.Its has her own native coin which is the BNB or BinanceCoin.
    This entity is created by Chaopeng Zao or simply CZ.BNB can also be used as a form of digital payment for peer to peer monetary transactions. 
  • Biter123
    Biter123 Posts: 71 Point
    Binance or BNB is a cryptocurrency exchnge,trading,dealing and investment platform.Its has her own native coin which is the BNB or BinanceCoin.
    This entity is created by Chaopeng Zao or simply CZ.BNB can also be used as a form of digital payment for peer to peer monetary transactions.  i see i lovee it very much i love how to world is advancing with tech.

  • RameshY123
    RameshY123 Posts: 132 Points
    Binance is a good platform for trading crypto currencies. I am using this platform from last 3 month's and have no difficulty in trading on this platform.
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