Binance Coin is a part of the great Binance ecosystem, striving to boost the freedom of money with its products. If you got interested, regarding the option of trading the coin. At present, you might start with exchanging BNB to BTC on Godex.io and checking if it contributes to your portfolio enhancement. But before going seriously with the coin, let’s get to know more about it. Take a look.
Binance Coin comes as an original product of the namesake chain, serving as crypto for a wide scope of transactional procedures inside the network. Binance Coin’s worldwide usage speaks volumes about the popularity of the whole system.
Obviously, the token is an integral part of the exchange. The latter first saw the world in 2017. Just within three weeks, at the Initial Coin Offering, the developers raised $15 million. BNB was propelled first on the Ethereum blockchain but later migrated to the Binance one, with the initial cap of 200 million units. The Binance exchange expanded from 3 to 6 million users in half a year and currently suggests three platforms: the futures market, spot one, and public shared exchange – Binance Dex.
To retain scarcity or value, the team organizes this quarterly ‘burns’ where 20% of Binance’s returns are forwarded to acquire back BNB tokens. Then, they are supposed to be destroyed afterward. The ‘burns’ will happen until 50% of BNB 200 million total is annulled, which is 100 million coins.
From the beginning, the digital currency was issued for the transaction commissions on the Binance Exchange but its worth and usability enlarged to enhance the Binance ecosystem. Thus, the BNB coin is on-chain enabled, listed on external exchanges, and used for real-life financial transactions, and in a broad range of R&D projects. Lately, the Binance Smart Chain has been released.
So, here’s a list of usage contexts:
The developers work hard on advancing the ecosystem. At present, they have this Open Platform Initiative launched to enable businesses to exploit the platform as infrastructure for their cryptocurrency activities. The Initiative’s ‘results’ represent now the Binance Broker program and Binance P2P, meaning a new marketplace that allows new cryptocurrency to come up and streamlines trading in novel markets worldwide. Binance Lab is another great initiative that makes it clear: Binance is a very promising network and working with its products might be super beneficial, including the token.