BNB is the cryptocurrency that powers the Binance ecosystem. BNB can be used for discounts in the Binance ecosystem, as well as for staking, managing and settling transactions on the BNB Chain . The token can also be used for payments and DeFi services. BNB is regularly burned and removed from the token supply through quarterly burn events using BNB Auto-Burn. When BNB is used as gas for transactions on the BNB chain, the portion of the BNB used as gas is burned.
Binance initially created the tokens to raise capital through an initial coin offering (ICO). The coins were sold in the first week of the ICO in July 2017 for 1 BNB at 15 cents each.
