The company has launched two in-house developed cryptocurrencies: Binance Coin (BNB) and Binance Dollar (BUSD). BNB was launched in July 2017, where it started as an Ethereum token and later migrated to Binance Smart Chain (BSC), which was launched in September 2020. BSC merged with the older Binance Blockchain and was renamed BNB Chain. BNB Chain operates using “proof of stake authority,” a balance between proof of money and proof of authority. It has 21 verified confirmers. As of 2021, Binance Coin was the cryptocurrency with the third highest market cap. Binance allows its users to pay fees on its platform using BNB.