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What is Binance Coin? Blox Featured Crypto Project $BNB

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What is Binance Coin? Binance is a well-known and respected powerhouses 0in the crypto industry. The company went from being almost unknown in the crypto space they transformed itself into the highest volume exchange in the industry. Binance grew and improved by focusing on the fundamental needs of all traders, trading features and offering a higher level of support. The crypto exchange gradually gained more support and a loyal user base of followers. Nowadays, Binance continues to change the face of the crypto market and consequently, consolidate their spot at the top.

What is Binance Coin and What Makes BNB Special

$BNB coin is the key token that fuels the exchange ecosystem. Traders use BNB primarily to reduce trading fees within the exchange but also utilized for voting purposes during community coin votes. Additionally, companies who enlist on the prestigious exchange pay the entrance fees in the form of BNB.

$BNB coin was issued with a total supply of 200 million. According to the whitepaper, the plan is to use 20% of profits each quarter to buyback and burn BNB. The company will continue ‘burning’ until 50% of the total BNB supply (100 million) is burned. That is not all, Binance is also planning to build a decentralized exchange, where BNB will be one of the key base assets as well as gas to be spent.

what is binance coin
BNB coin on blox

About The Binance Team

Changpeng “CZ” Zhao

Changpeng, or “CZ” as commonly known, is the current CEO of Binance. Early in his career, CZ got his experience coding trading systems for the Tokyo Stock Exchange. Shortly after, he moved on to Bloomberg’s Tradebook, where he branched out to futures trading options and development.  A fun fact about Changpeng, he learned about blockchain in 2013 from a venture capitalist friend while playing poker. A few years later,  in 2017, he ran a successful ICO raising $15 million, from there the rest is history.

About the Binance Token

$BNB is the token of Binance. With an ongoing quarterly burn mechanism in place, $BNB currently has a circulating supply of just over 95 million, and total supply currently just over 192 million. Just over 19% of Blox users hold $BNB, with over 2.6% of global exchanges supporting the token. Only about 9% of Blox users hold $BNB in wallets, with over 90% keep it on exchanges.

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