Binance has consistently performed quarterly burns, the latest being the 13 th quarterly burn on October 17, 2020.īinance will continue to perform quarterly burns until it buys back and destroys 100 million Binance coins – 50% of the total supply. BNB BurningĪs mentioned in the Binance whitepaper, every quarter, Binance uses 20% of its profits to buy back and burn Binance Coins, destroying them completely. Therefore, Binance raised a total of US$15 million in bitcoin and ethereum.įrom the $15 million that was raised, 35% was allocated to upgrading the Binance platform and exchange system 50% was allocated for Binance branding, marketing, and education of new innovators and the remaining 15% was used as a reserve in case of any emergencies or unprecedented circumstances. Here’s a brief breakdown of how BNB tokens were initially distributed:Īll of the 100 million BNB tokens available for public sale were sold during the ICO at 15 cents per token. As part of the ICO, BNB tokens were distributed among various participants, including angel investors and the Binance founding team. Also, there are apps that allow users to split bills and pay friends and family through Binance Coin.īinance Coin was launched with an initial coin offering (ICO) in July 2017. Loans and transfers: BNB can be used as collateral for loans on certain platforms.Investment: Several platforms allow investors to invest in stocks, ETFs, and other assets using Binance Coin.Entertainment: From paying for virtual gifts to buying lottery tickets, BNB serves several purposes in the entertainment space.Booking travel arrangements: BNB can be used to book hotels and flights on select websites.Payment processing: Merchants can offer BNB as a means of payment for customers, offering more flexibility in payment methods.Credit card payments: BNB can be the form of payment for crypto credit card bills on.Transaction fees on the Binance Exchange: BNB can be used to pay for transactions on the Binance Exchange, and users also receive a discount for doing so.Trading: Binance Coin can be traded for other cryptocurrencies on various exchanges, depending on the restrictions set by the exchange.Just like other evolving cryptocurrencies, the Binance Coin offers several uses that go beyond the Binance exchange, such as BNB can also be exchanged or traded for other cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, etc.īinance Coin was created in July 2017 and initially worked on the ethereum blockchain with the token ERC-20 before it became the native currency of Binance’s own blockchain, the Binance Chain. Users of Binance Coin receive a discount in transaction fees on the Binance Exchange as an incentive. The Binance Exchange is the largest cryptocurrency exchange in the world as of January 2018, facilitating more than 1.4 million transactions per second. The BNB tokens will pay for gas fees and Proof-of-Stake consensus.Binance Coin (BNB) is a cryptocurrency that can be used to trade and pay fees on the Binance cryptocurrency exchange.
Futureīinance announced in 2018 that it will be launching its decentralized exchange called Dexathon. In 6 months, he led the company to become the world’s number 1 cryptocurrency exchange (in terms of volume). After leaving OKCoin, Changpeng launched Binance. Changpeng joined and later became OKCoin’s CTO. Changpeng heard about Bitcoin from a venture capital friend in 2013, and in 2014, sold his house in Shanghai to go all in on Bitcoin.
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In 2005, Changpeng moved back to China to start his own company making high-frequency trading software for traders.
He went on to study computer science in McGill University and worked at the Tokyo Stock Exchange and Bloomberg. Having immigrated to Vancouver, BC in the late 1980s with his family, Changpeng grew up poor and had to work in fast food restaurants and gas stations to support the family. Zhao Changpeng is a co-founder of Binance and the company’s CEO. Each quarter, Binance will use 20% of their profits to buy back and burn BNB, until 100MM BNB are burned out of its total supply of 200MM. 40% was kept by the founding team, and 10% was given to its angel investors. During the ICO, 50% of the BNB tokens were distributed to the public. BNB can be used to pay for fees on the platform, such as trading. Therefore, Binance has issued its own token coin, called the Binance Coin (BNB). As of today, the exchange does not support any Fiat currency trading pairs or deposits. BNB Coinīinance is one of the most well-known cryptocurrency-to-cryptocurrency exchanges. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you.
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