In one of our previous posts, we talked about the crypto exchange Binance. Here is some info to remind you:
Recently, Binance was hacked and 7000 BTC were stolen during the attack.
Binance held its ICO in July 2017. From there, the exchange decided to issue its own coin called, you’ve guessed it, Binance Coin. Its symbol: BNB. According to its website, BNB runs natively on Binance chain:
The coin was established with a total supply of 200 million. Every quarter, we will destroy BNB based on the trading volume on our crypto-to-crypto platform until we destroy 50% of all the BNB. All transactions will be on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.
You can use the coin for several purposes:
2019 has been a good year for all of cryptocurrency, including BNB. On May 19, Binance Coin crossed the $29 mark, establishing a new all-time high. At this moment, BNB is the seventh largest cryptocurrency by market capitalization.
Although Binance coin still hasn’t reached the status of Bitcoin, the team is working hard on expanding its use. We should keep in mind that Binance is one of the largest crypto exchanges in the world, which means that its coin has exposure to millions of traders using the exchange.
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