BNB (Binance Coin)

Sep 17, 2024
1 min read

Updated: Apr 8

Binance Coin (BNB)

You can use it for booking flights and hotels, shopping online, and even playing blockchain-based games like Axie Infinity!

Binance Coin (BNB) is the native cryptocurrency of the Binance network. Initially launched as a token on the Ethereum blockchain, BNB was designed for users to pay trading fees at a discounted rate on the Binance exchange.

BNB was launched in July 2017 through an Initial Coin Offering (ICO) which raised approximately $15 million. Founded by Changpeng Zhao (also known as CZ), Binance quickly rose to prominence, thanks in part to Zhao’s expertise in creating trading systems. Later, BNB was migrated to Binance Chain, transforming it from a token to a native coin.

Changpeng Zhao

BNB is a key player in the world of DeFi, or decentralized finance. BNB holders can stake their BNB to earn rewards, which means keeping your BNB in a special account to support the network and earn returns.

To boost its value, Binance frequently burns a portion of the BNB supply. Burning means permanently removing coins from circulation, reducing the total supply, and creating a deflationary effect.

From trading fee discounts to DeFi and beyond, BNB continues to grow and offer new opportunities in the world of cryptocurrency.