Binance Coin (BNB) is a cryptocurrency created in 2017 and launched during an ICO in July of the same year. It is the native asset of the Binance Chain and powers the Binance ecosystem ²³. BNB was initially issued as an ERC-20 token, running on the Ethereum network, with a total supply of 200 million coins. 100 million BNB was offered in the ICO, but the current total supply is lower due to periodic burning events and a real-time burning mechanism ³.

BNB has several use cases, including reduced trading fees on the Binance exchange, paying for trading fees on Binance DEX (Decentralized Exchange), paying for transaction fees on the BNB Beacon Chain and Smart Chain, paying for goods and services for both online and in-store purchases (e.g., using Binance Card or Binance Pay), booking hotels, flights, and more at Travala.com, participating in token sales hosted on the Binance Launchpad, donating on Binance Charity, providing liquidity on Binance Liquid Swap, and more ³.

As of October 12th, 2023, the live price of BNB is $207.55 per (BNB/USD) with a current market cap of $31.93B USD. The 24-hour trading volume is $225.76M USD. The price of BNB is updated in real-time ⁴.

In conclusion, Binance Coin (BNB) is a versatile cryptocurrency that powers the Binance ecosystem and provides users with several benefits such as reduced trading fees and access to various services ²³.

Source: Conversation with Bing, 10/16/2023

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