#CryptoMarketDip

The native cryptocurrency of the Binance ecosystem is BNB (short for “build and build”). Originally, Binance started out as a cryptocurrency exchange, but later branched out into its offerings. Binance Coin was launched in 2017 through an initial coin offering (ICO). In 2022, Binance introduced a rebranding that changed the name of the asset from Binance Coin (BNB) to simply BNB, ditching the Binance Coin name.

BNB serves several roles, including reducing fees on the Binance cryptocurrency exchange platform, and being the currency used to pay fees for activities on the BNB Chain, the underlying blockchain environment for BNB. The price of BNB can be denominated in US dollars (USD). The BNB price value in USD is displayed directly at the top of the page. The BNB price chart at the top of the page shows the history of the BNB price.

BNB History

Binance started its operations in 2017, and quickly launched an initial coin offering where it sold and allocated BNB tokens. At the time, Binance Coin (BNB at the time) was an ERC-20 token on the Ethereum blockchain. However, in 2019, Binance launched a main blockchain called Binance Chain (BC), with BNB as its currency. The exchange conducted a token swap to convert ERC-20 BNB tokens into BNB coins built on the Binance Chain blockchain. In 2020, Binance Smart Chain (BSC) was launched as a separate compatible blockchain alongside the Binance Chain blockchain.