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About Binance Coin

Binance Coin (BNB) is the official cryptocurrency of the Binance exchange, the largest cryptocurrency exchange in the world. Since its release last year, BNB has risen drastically parallel to the rise of Binance’s popularity. Therefore, it’s hard to assess the value behind BNB without looking at the value of Binance as an exchange since BNB is a core component of its overall trading ecosystem.

BNB currently serves many functions on the Binance exchange, Firstly, there is an incentive to hold BNB since it reduces fees on the exchange by up to half. Secondly, BNB will be used for all ICOs hosted on the Binance platform. Thirdly, BNB will also be prominent in Binace’s virtual store for gifts and will be further integrated into existing financial infrastructure as the exchange expands.

Binance also expects many advancements to its platform in the years to come which bodes well for BNB’s future. The exchange will be rolling out fiat deposits and fiat-to-crypto trading in 2019 to rival the market dominance of Coinbase among investors. On top of that, Binance will also be moving to a decentralized model in the near-future, with trading being done on-chain on Binance’s own blockchain. BNB, currently an ERC-20 token, will be a key feature of Binance’s new blockchain architecture.

BNB also has a unique coin burn mechanism built into it. At the end of each quarter, 20% of Binance’s profits go into buying back BNB and burning it until 50% of the entire circulating supply is burned. This would lower BNB’s circulating supply from 200M to 100M once completed.

ICO Price

Before the Binance exchange was released in 2017, BNB was being offered in a token sale at $0.15 per BNB.

Key Features

The future of BNB is intimately linked to the future of Binance. Therefore, all of Binance’s expected developments have a positive impact on BNB’s price. BNB will also assume new functions for Binance as the exchange continues to progress.

  • Closely linked to Binance’s infrastructure which is the largest cryptocurrency exchange in the world.
  • Short-term deflationary currency due to its coin burn mechanism.
  • Currently an ERC20 token on Ethereum but will be moving to its own blockchain in the short-term future.
  • BNB used for ICOs hosted on Binance.
  • Reduces fees for users trading on the Binance platform.

Read BNB’s whitepaper for more information.

About the Team

The Binance team is led by Changpeng Zhao who is also the creator of BNB. Not much is known about the inner team at Binance, other than its very active and public spokesperson.

Binance Price History

At the time of writing, BNB is trading at $4.75. It is significantly down from its all-time-high of around $25 in January 2018.

Website and Social Media

You can find more information on Binance Coin on its Binance Info page and at Binance US.

Binance posts consistent updates on its Twitter, but Changpeng Zhao’s own Twitter is also just active with his own personal thoughts on the future of the exchange. Binance’s Telegram group along with its Reddit community both boast large communities for cryptocurrency-related discussions.

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