$BNB Binance Coin (BNB) is a cryptocurrency created by the Binance crypto exchange and trading platform. It follows the ERC20 technical token standard and runs on the Ethereum blockchain.
Binance raised $15 million through its BNB ICO in July 2017. 10% of the total token amount (20 million BNB) was offered to angel investors, 40% (80 million BNB) was given to the founding team, and half (100 million BNB) was offered to users during the ICO.
Half of the ICO funds were allocated to branding and marketing, one-third to developing the Binance platform and ecosystem, and 15% was set aside for contingencies, as stated in the Binance whitepaper.
Binance's plan to buy back and "burn" part of its 200 million circulating supply of tokens has had a major impact on the coin's price. By burning BNB, Binance takes it out of circulation, increasing the value of the remaining tokens.
Binance has pledged to allocate 20% of its quarterly revenue to buyback and destroy BNB until its amount is reduced to 50% of its original amount (100 million BNB). For transparency, Binance posts all buybacks to the blockchain.
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