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Binance Coin (BNB)

Binance Coin is the cryptocurrency issued by Binance exchange and trades with the BNB symbol. BNB is the cryptocurrency coin that powers the Binance ecosystem by providing a variety of functions and It is also the key currency of the Binance chain and the Binance smart chain. This currency has grown significantly over the years since its introduction and is among the top 5 cryptocurrencies in the market in terms of market cap.

Binance Coin (BNB)

284 $

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BNB
Volume: 380245
Highest(24h): 289.8$ - Lowest(24h): 280.5$


What is Binance coin (BNB)?

BNB was launched during an initial coin offering (ICO). The event took place 11 days before the creation of Binance Exchange for trading. Binance coin initially ran on the Ethereum blockchain with ERC-20 standard and has a strict maximum of 200 million BNB tokens.

 After a while, Binance coin was transferred to the Binance chain, and its total current supply is lower due to the burning events of a period called token burning, in which Binance destroys the BNB in its treasury. 

 Although Binance coin was initially based on the Ethereum network, ERC-20 tokens were later exchanged for BEP-2 tokens in a 1: 1 ratio. 

Binance coin BEP-2 is the main coin of the Binance chain and the launch of the main network was announced on April 18, 2019. 

 In September 2020, Binance launched its Smart Chain (BSC), a blockchain network that runs parallel to the Binance chain. This means that the BNB is now available in three forms:

  • BNB BEP-2 on Binance chain
  • BNB BEP-20 on Binance smart chain
  • BNB ERC-20 on Ethereum network

bnb

Who are the founders of Binance coin?

Changpeng Zhao is the founder and CEO of Binance. Zhao has been actively involved with Blockchain technology and digital currencies since 2013. In 2017, he officially launched Binance and has been the CEO of the company ever since.

 He Yi is one of the founders and CEO of Binance Marketing. He started his career as a TV performer on China Travel TV in 2012. Later, in 2014, Yi was one of the founders of OKCoin, which was Fiat's largest crypto exchange in China. In 2017, he joined Chang Peng Zhao's forces, and together they created the largest digital currency exchange in the world - Binance with its native Binance coin token.

pros of bnb

What is BNB used for?

Some of the most important uses of Binance coin have expanded to numerous applications, including:

  • payments for transaction fees (on the Binance exchange)
  • payments for transaction fees (on the Binance DEX)
  • Payment of transaction fees and commissions in the binance chain
  • Payment transaction fees and commissions in the Binance smart chain
  • Payment for goods and services online and in-store (for example, using Binance Card or Binance Pay)
  • Booking hotels, flights and more at Travala.com
  • Tokens used by the community in the Binance smart chain ecosystem (such as games and apps)
  • Payments to buy Binance launch pad tokens
  • Payments for donations to Binance Charity
  • Providing liquidity and earn rewards in the Liquid Swap Bainance platform


Binance Coin (BNB) may be disappointing near the end of 2022

Binance Coin’s function has disillusioned many crypto traders in September 2022. However, the token has managed to perform well on other sides includi...

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