Binance Coin (BNB) is a product of the Binance exchange. It started on the Ethereum blockchain but now runs on its native Binance chain.
People who use Binance Coin get a discount on the Binance Exchange as an incentive for using the tokens. The exchange engages in token burring in order to help keep the supply of Binance Coin finite.
The maximum for BNB is set at 200 million tokens. Binance Exchange has been the largest cryptocurrency exchange in the world since April 2021 and supports over 1.4 million transactions every second.
When was BNB first released?
BNB was launched in July 2017 as part of an Initial Coin Offering or ICO. Angel investors received 20 million tokens, the founding team got 80 million, and 100 million tokens went to other participants.
Funds raised from the ICO were used to build the Binance brand, perform upgrades and enhance the platform. BNB is now used for several applications on a variety of platforms.
Can BNB be used for payments?
BNB can be used for a wide range of transaction fee payments throughout the Binance network, such as on Binance DEX. You can also use it to make payments on other networks, such as Crypto.com.
Your BNB tokens can be used to pay for virtual gifts, book accommodations, or pay for other travel arrangements via Trip.io and other sites. BNB can be used to take out a loan at ETHlend or purchase services at Canva and various online providers.
Key Takeaways
BNB is the cryptocurrency that’s issued by the Binance exchange. it can be used to make payments across their entire network.
Groups or individuals who have been members of the Binance Coin network for five years are offered rebates. The Binance exchange only does transactions in cryptocurrencies, unlike other exchanges, which also can also facilitate transactions involving fiat currencies.
Binance Coin started on the Ethereum network but is now on Binance’s platform. Binance uses a fifth of its profits to purchase and destroy the BNB that it has in its treasury once per quarter.