Binance Coin, or BNB, is the token issued by Binance in July 2017. Initially running on the Ethereum blockchain and following the ERC20 token standard, BNB is the native token of Binance that powers its ecosystem.
The token was established with a total supply of 200 million. Binance offered 10%, or 20 million BNB tokens to angel investors, 40%, or 80 million tokens to the founding team, and the remaining 50% or 100 million to the various participants through the ICO process. Each quarter, Binance uses one-fifth of its profits to repurchase and permanently destroy, or “burn”, BNB coins held in its treasury until 50% of the total BNB supply (100 million) is burned.
The BNB token itself has multiple forms of utility, essentially being the underlying gas that powers the Binance Ecosystem. The most prominent use cases include using BNB to pay for trading fees on the exchange, obtaining the equivalent of a 50% discount on trades. Besides, with BNB, users can book travel accommodations at websites like TravelbyBit, Trip.io, and Travala.com, as well as pay for entertainment forms like virtual gifts, card packs, lotteries. Online services such as BitTorrent, Canva, Storm can also accept BNB as a payment. BNB is also supported by the VISA debit card of Monaco and the Uplive platform that supports BNB to buy virtual gifts.
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