What is Binance (BNB) Coin, How to Buy, Uses & Hodl
The BNB is a trade symbol issued by Binance the top cryptocurrency exchange in the world supporting about 1.4 million transactions per second. The BNB was initially built on the Ethereum network but is now a native currency on its own, hence the Binance chain.
Quick important facts to know about the Binance Coin (BNB)
- Name: Binance Coin
- Symbol: BNB
- Max Supply: 169,137,036
- Blockchain: Binance Chain
- Established Since: July 2017
- Founder: Changpeng Zhao
The Origin Of the Binance Coin (BNB)
2017, the year when Binance which was a new cryptocurrency exchange, during an initial coin offering (ICO) launched the Binance Coin (BNB) which was run on the Ethereum Blockchain with ERC standard. ICO event took place on the 26 of June and ended on the July 3rd
With about 200 million BNB tokens available, 10% of it which equals 20 million tokens were offered to angel investors, 40% which also equals 80 million tokens offered to the founding team, the remaining 50% (100 million) offered to the various participants. Some of the funds raised at the time of the ICO were invested in branding, marketing, building the Binance platform and any other upgrades to be done to the Ecosystem.
What is Binance coin used for?
The Binance coin (BNB) has numerous use cases as the official and main currency for the Binance Ecosystem and its Chain.
- Users and traders on the Binance exchange can use the BNB coin to pay their trading fees on Binance.com, Binance DEX, and the Binance Chain.
- Users can also use the BNB coin for payments at Crypto.com, Monetha, and HTC. Also as collateral for futures trading and decentralized finance (DeFi) applications on the Binance exchange.
- Pay for your hotels bills, buy plane tickets, buy gift cards, and many more.
What is Binance coin price?
According to the market price on September 22nd, 2021, the price of Binance BNB is $349 with $2,079,337,296.68 Trading Volume
Binance Coin (BNB) Support?
- Binance coin (BNB) is also supported by the mobile app platform, Visa debit Card of Monaco, the pioneering payments and cryptocurrency platforms.
- BNB coin is also supported by Uplive, Asia’s high-end video streaming platform.
What is Binance (BNB) Coin Burning?
This is when the supply of Binance Coin (BNB) is cut down or reduced through a method called coin burn. This process takes out some number of coins from existence permanently. They do this (coin burns) to help reduce inflation. It is noted that Binance performs this coin burning at the end of each quarter to help decrease the supply. The latest burning event happened on April 15, 2021, when a total of 1,099,888 BNB which equals $595,314,380 worth of tokens were burned.
How to buy Binance (BNB) Coin?
How do you buy the BNB coin? It’s simple! Through their exchange platform. The Binance exchange makes it easy to purchase BNB with traditional currencies such as the US Dollar, Euro, etc. Sign up for your account on the exchange website, deposit fiat or any traditional currency of your choice to purchase BNB now.
There are several other options to deposit on Binance exchange such as; through credit card, bank transfer, Binance P2P, etc.
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How to Hodl Binance (BNB) Coin?
There are lots of crypto wallets that supports BNB coin. They let you store, receive, and send BNB at any time. You can try out Trust Wallet to store your BNB.