Binance coinler1/5/2024 ![]() Trace amounts of non-tradable cryptocurrencies below the exchangeable value threshold (called ‘dust’) can also be converted into BNB. Holders benefit from large fee discounts on trading fees, both on the main exchange and Binance’s decentralised exchange (DEX). ![]() As a fully diluted cryptocurrency, BNB’s supply of coins in circulation is equal to the total supply, while a recent 24-hour trading volume of $1.324bn constituted 2.1% of market cap.īNB’s utility is multifaceted. How many BNB coins are there? The latest circulating supply totalled 165,116,760. How many BNB coins are there and what is the BNB cryptocurrency primarily used for? BNB coin: The big pictureīinance’s BNB coin, currently valued at more than $62.57bn, is the world’s foremost exchange token by a huge margin, beating its closest competitor, (CRO), by more than $50bn. The announcement came after the surprising resignation of chief executive Brian Brooks, who blamed “strategic differences”. In total, 403 digital assets and 1,634 markets maintain an average LR of 805.Īs reported by, Binance recently announced plans to relaunch its platform in the UK, after a ban imposed in June 2021 by the UK’s Financial Conduct Authority (FCA) over the exchange’s derivatives offering. Big hitters such as bitcoin, Ethereum, BNB, TerraUSD, Fantom, MANA and more all achieve ratings on Coin Market Cap above 700/1000, thus reducing the likelihood of slippage when executing a trade. ![]() Binance also states that about 9 in 10 of its employees receive a portion of their salaries in the BNB token.Binance, launched in July 2017, is the largest centralised cryptocurrency exchange globally, frequently achieving daily trading volumes of more than $10bn and with more than 34 million users weekly, according to Coin Market Cap’s statistics.Īs the premier centralised exchange (CEX) in the world, Binance enjoys outstanding liquidity ratings (LRs) for most major digital assets. The token is also being used as a payment method on platforms made by blockchain startups such as crypto point-of-sale solutions provider Pundi X, blockchain payments company, and CoinPayments, which acts as a crypto point of sale for millions of online vendors around the globe. Australian startup TravelbyBit, for example, has equipped more than 150 establishments, including Brisbane Airport, with the ability to pay for goods and services using cryptocurrencies including BNB. It can also be used on Uplive, Asia’s premier high-end live video platform.īNB has become more usable for goods and services in a growing number of brick and mortar establishments around the world. In 2017 Monaco, which offers a Visa-branded credit card that converts cryptocurrencies into fiat payments, announced its plans to support BNB. There have been several other real-world use cases for BNB since its launch. In its whitepaper, Binance has outlined plans to offer annually decreasing discounts on fees for BNB users until its fifth year of operation. For the first year, Binance offered a 50% discount on its exchange trading fees using the coin. The BNB token itself has multiple uses, essentially being the underlying gas that powers the Binance ecosystem. Every buy-back transaction conducted by Binance is announced via the blockchain for transparency. Binance has stated that it will use 20% of its profits from every quarter to buy back and burn BNB until the supply of the coin is 50% of the original amount (100 million BNB). ![]() The benefit is that it increases the value of the remaining coins left in circulation. Burning coins means taking them out of circulation and permanently destroying them. The token was established with a total supply of 200 million, and a key influence on BNB’s value is Binance’s strategy to buy back a percentage of the coins and ‘burn’ them. Holders of the BNB coin are referred to as Binancians.Īccording to Binance’s whitepaper, half the funds raised during the ICO were earmarked for branding and marketing, one-third were used to build the Binance platform and perform necessary upgrades to the Binance ecosystem, and 15% were kept in reserve for emergencies. During the ICO process, the company offered 10% of the total number of coins (BNB 20 million) to angel investors, 40% (BNB 80 million) to the founding team, and the remaining 50% (BNB 100 million) to other participants. In July 2017, Binance held an Initial Coin Offering (ICO) for BNB which helped it to raise $15 million. It is classified as a utility token and can be used on the Binance exchange. The coin runs natively on the Ethereum blockchain and follows the ERC20 technical token standard. Binance Coin (BNB) is a cryptocurrency issued by the popular trading platform Binance.
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