What is Binance Coin?
Binance Coin, also known as BNB, is a digital currency issued by the popular cryptocurrency exchange Binance. It is traded using the tickerNB and is the largest cryptocurrency exchange in the world, boasting over 1.4 million transactions per second.
Originally launched on the Ethereum blockchain using the ERC-20 standard, Binance Coin has since transitioned to become the native coin of Binance’s own blockchain, the Binance chain. It was first introduced through an initial coin offering (ICO) in July 2017, with a maximum of 200 million BNB tokens available.
During the ICO, 10% were allocated to angel investors, 40% to the founding team, and the remaining 50% to participants. The majority of funds raised during the ICO were intended for branding and marketing, as well as platform development and upgrades. Since its inception, BNB has evolved from a utility token for discounted trading fees to a widely used cryptocurrency with various applications.
It is accepted as a form of payment on many platforms, including Crypto.com, Monetha, and HTC, and can be used for bookings on sites like TravelbyBit, Trip.io, and Travala.com. BNB can also be used for entertainment, such as purchasing virtual gifts, card packs, and participating in lotteries, as well as for online services like BitTorrent, Canva, and Storm. Additionally, it has financial uses, such as taking out loans on ETHLend or making investments on Moeda.
Binance Coin can also be used to invest in certain ICOs through Binance’s Launchpad program, providing a convenient marketplace for trading a variety of virtual tokens. Binance Coin has gained support from various partnerships, including Uplive, a high-end live video streaming platform in Asia, which sells virtual gifts for BNB tokens to its 20 million user base.
It is also supported on the Monaco platform, a payments and cryptocurrency platform, through their mobile app and VISA debit card. Overall, Binance Coin has seen widespread usage and adoption, solidifying its position as a top cryptocurrency in the market.
