BNB, or Binance Coin, is the native cryptocurrency of Binance, one of the largest cryptocurrency exchanges in the world. Binance Coin was created by Binance in 2017 as part of its initial coin offering (ICO) to raise funds for the development of its platform.
Since its launch, Binance Coin has become an integral part of the Binance ecosystem. Binance Coin is used to pay for trading fees on the Binance platform, with users receiving a discount on their fees if they pay with Binance Coin. Binance Coin can also be used to pay for other services on the Binance platform, such as listing fees for new cryptocurrencies.
One of the key benefits of Binance Coin is its ability to provide users with discounts on trading fees. Binance offers a tiered fee structure based on a user's trading volume over a 30-day period. However, users can receive additional discounts on their trading fees by holding Binance Coin in their account. The amount of the discount depends on the amount of Binance Coin held by the user, with larger discounts available for users who hold more Binance Coin.
In addition to providing discounts on trading fees, Binance Coin has also been used to fund a number of initiatives and projects within the Binance ecosystem. For example, Binance has used Binance Coin to fund its Binance Launchpad platform, which allows blockchain startups to raise funds through token sales. Binance has also used Binance Coin to fund its Binance Academy, which provides educational resources for those interested in learning about cryptocurrencies and blockchain technology.
Binance Coin has also been listed on a number of other cryptocurrency exchanges, which has helped to increase its liquidity and market value. As of April 2023, Binance Coin has a market capitalization of over $90 billion, making it one of the largest cryptocurrencies in the world.
