Binance Coin (BNB)

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BNB powers the Binance Ecosystem. As the native coin of Binance Chain, BNB has multiple use cases: fueling transactions on the Chain, paying for transaction fees on Binance Exchange, making in-store payments, and many more.

From the ICO, Binance issued its own coin called the Binance Coin, with BNB as the symbol. BNB runs natively on Binance chain. The coin was established with a total supply of 200 million. Every quarter, Binance will destroy BNB based on the trading volume on their crypto-to-crypto platform until 50% of all the BNB are destroyed. All transactions will be on the blockchain. Binance eventually will destroy 100MM BNB, leaving 100MM BNB remaining.

The BNB coin itself has multiple forms of utility, essentially being the underlying gas that powers the Binance Ecosystem. The current most prominent use cases include using BNB to:

  • Pay for trading fees on the exchange, obtaining the equivalent of a 50% discount on trades (during the first year).
  • Crypto.com has included support for Binance’s BNB token to its platform which includes the MCO Visa Card and mobile app.
  • Uplive platform supports BNB to buy virtual gifts.
  • Nexo platform supports the BNB coin as collateral for instant crypto loans.