In one of our previous posts we talked about the crypto exchange Binance. Here is some info to remind you:
- Binance was founded in 2017, by Changpeng Zhao (current CEO) and Yi He.
- It’s the world’s largest crypto exchange based on traded volume.
- The exchange has its native currency – BNB.
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.
When it comes to the question whether the coin is security or utility, opinions differ.
What you can use Binance coin for?
You can use the coin for several purposes. They are:
- You can use the coin for paying trading fees on the exchange, plus you get the discount during the first year in the amount equivalent of a 50% discount on trades.
- You can also use it on some platforms such as the Uplive platform for buying virtual gifts, or the Nexo platform which gives instant crypto loans.
- As already said, you can use BNB to pay for any fees on Binance exchange. Moreover, during the second year you get a 25% discount, 12.5%, in the third, and in the fourth, you get a 6.75% discount. Not bad.
Binance coin price continues to climb
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 exanding 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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