ts
About
How does it work?
Technology
Ecosystem
Graph
Cons
Founder
Forecasts
24hr data
Market info
ROI
Historical price
Home
Binance Coin: everything you need to know about BNB
Axel van den Boogaard
Delves regularly into the world of blockchain and cryptocurrency.
Binance Coin facts
Abbreviation
Category
Utility token
Founder(s)
Changpeng Zhao
Blockchain
Binance
Protocol
Delegated Proof of Stake
Launch date
July 2017
Invest in Binance Coin today
Get started with BLOX and buy your favourite coins easily and quickly.
Get started
What is Binance Coin?
Binance Coin (BNB) is the cryptocurrency of Binance, one of the largest cryptocurrency exchanges in the world. The coin was designed to facilitate the trading process on Binance.
BNB was initially issued as an ERC-20 token on the Ethereum platform but has since migrated to BNB's own blockchain. The original total supply of BNB was set at 200,000,000 coins, but through regular coin burn events (the 'burning' or destruction of coins to remove them from circulation), the supply gradually decreases, helping to maintain the coin's value stability.
Like any cryptocurrency, Binance Coin has its own distinctive features. Below are the top five:
Native Token: BNB is the 'native coin' of Binance, specifically designed for use on the Binance cryptocurrency exchange.
Transaction Fees: Holders of the coin can use BNB to pay fees for trading on Binance, resulting in lower trading and transaction costs.
Buyback and Burn Policy: Binance has announced that it will use 20% of its profits annually to repurchase BNB and then burn (destroy) them. This reduces the total supply and has the potential to increase the value of Binance Coin.
Diverse Applications: In addition to paying transaction fees on Binance, BNB users can also benefit from offers and discounts on the platform. BNB is increasingly accepted as a means of payment by various merchants and platforms.
Growing Support: Binance continues to expand as a cryptocurrency exchange, contributing to the popularity and eventual value of Binance.