$BNB #MarketDownturn #BNB_Market_Update

What is Binance Coin (BNB)?

Binance Coin (BNB) is a digital currency designed specifically for use on the Binance cryptocurrency exchange. As the world’s largest exchange by trading volume, Binance handles an impressive number of transactions, exceeding 1.4 million transactions per second. BNB serves multiple purposes within the Binance ecosystem, including providing users with fee discounts on the exchange, and enabling seamless exchange and trading with other cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.

Binance Coin was initially launched in July 2017 through an initial coin offering (ICO), and was initially based on the Ethereum blockchain as an ERC-20 token. However, as Binance expanded its offerings and gained prominence, it developed its own blockchain known as Binance Chain. In 2019, Binance conducted a token swap, allowing users to convert their ERC-20 BNB tokens into new native BNB coins built on the Binance Chain. During the ICO, 100 million BNB tokens were sold to the public, with each token priced at 15 cents. The ICO raised $15 million in Bitcoin and Ethereum. The funds raised were allocated for various purposes: 35% for platform and exchange system updates, and 50% for branding, marketing, and educational initiatives.