BNB, or Binance Coin, is a cryptocurrency launched by Binance, one of the largest cryptocurrency exchanges in the world. BNB was initially developed as an ERC-20 token on the Ethereum network, but in 2019, it migrated to Binance’s own network, known as Binance Chain.

BNB is used for multiple purposes within Binance, such as paying trading fees, where users can use BNB to reduce the fees paid on the platform. It can also be used in decentralized finance (DeFi) operations and participating in initial coin offerings (ICOs) hosted by Binance.

Thanks to the increasing popularity of cryptocurrencies, BNB has seen a significant growth in its market value, making it one of the largest cryptocurrencies by market cap. Binance also continues to develop new uses for BNB, which strengthens its position in the market.