Binance coin is the crypto coin issued by the world’s largest and best crypto exchange, Binance. The exchange was launched in 2017 and it is popular for trading and selling any type of cryptocurrencies. Apart from crypto to crypto trading, Binance also offers crypto to fiat and fiat to crypto exchanges. Are you ready to learn more about the Binance coin? Binance coin is the native token of the world’s first company to achieve “Unicorn” status in the cryptocurrency industry. Read this article till the end to perceive more information regarding the Binance coin.
Binance Coin- BNB
The symbol of the Binance coin is BNB and it is meant to offer an alternative way to pay for fees charged to traders using the exchange. BNB can be used to pay 0.1% of Binance’s trade fee in addition to its withdrawal fee. This is charged when users move their cryptocurrencies to a private wallet. The BNB token is based on the Ethereum blockchain and similar to Ether and the BNB token also fuels all operations on Binance.com.
Development and history of Binance Coin
Binance was founded in 2017 by Changpeng Zhao, the CEO of Binance with co-founder and CTO, Roger Wang. Changpeng Zhao is also known as CZ in the crypto industry and he previously founded and served as the CEO of BijieTech which is a cloud-based exchange provider for exchange operators. Also, he is the co-founder and CTO of OKCoin. The headquarters of Binance was in Shanghai, China. But after following a ban from the Chinese government, the headquarters is moved to Japan. Binance exchange mined more than 200 million BNB tokens for its use and the total supply of BNB token was allocated in a certain percentage among different entities. They are:
- 50% BNB tokens for the ICO
- 40% BNB tokens for the founding team
- 10% BNB tokens for the Angel Investors
Features of Binance Coin
- It helps the exchange to process a trading order in the quickest way
- Provide sufficient liquidity
- Can be accessed by people from across the world
- It has the busiest order book in the crypto market
- Can be used to collect fees levied for using the Binance platform
- Presents an attractive fee model for all crypto enthusiasts
- When users pay fees in BNB, the Binance platform offers an additional discount on trading fees.
- Set a predetermined discount rate on a yearly basis
- Cannot be obtained through BNB mining, since the exchange has pre-mined all tokens.
- Can be paired with around 70 types of cryptocurrencies
- Other than the Binance exchange, BNB can be traded on the Bancor Network, Gate.io, IDEX, and Trade Satoshi.
The trading set-up of Binance exchange is for both beginners and advanced crypto traders. I hope that this article on Binance coin- BNB will surely help you to get more in-depth knowledge about the native token of Binance exchange and if you have any feedback or suggestions regarding this, let us know through the comment section below.