Tag: binance coin

Binance Coin (BNB)

What is Binance Coin (BNB)?

Binance Coins trade with cryptocurrencies and BNB symbols issued by the Binance Exchange. As of 2022, Binance Exchange is the world’s largest cryptocurrency exchange, supporting more than 1.4 million transactions per second.

Understanding Binance Currency

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

About portion of the assets raise during the ICO cycle were plan to be utilize for Binance marking and promoting. While about one-third was used to build the Binance platform and make the necessary upgrades to the Binance ecosystem.
BNB was originally base on the Ethereum network but now Binance have its own blockchain domestic currency, the Binance chain.

Binance Coin Burning

Although initially 100 million Binance tokens were offer at ICO, the current total supply is low. Each quarter, Binance utilizes one-fifth of its benefits to repurchase Binance coins into its depository and to for all time annihilate or “consume” them.

Binance regularly perform these burning events. The last BNB burn occur on April 15, 2021. When Binance burn a total of 1,099,888 BNB, the equivalent of a token value at D 595,314,380 USD. This is Binance’s 15th quarter BNB burn and the largest ever in terms of US dollars. The all out supply of BNB diminish from 170,532,825 to 169,432,937.