What is Binance Coin (BNB)
Today, Binance is the world’s largest regulated cryptocurrency exchange platform. To put its size into perspective, it is only the US-based Binance platform that averages more than USD 2 billion in trade per day. When you combine this information with the fact that the exchange is regulated by the federal government in all but 15 countries, it’s easy to see how it became a household name in the sector.
Binance wasn’t always the leader of the industry. Careful review of their past shows that the flexibility and willingness of the company to embrace change has made it what it is today. For example, in its early days, Binance did not offer crypto trading pairs to fiat. This decision allowed the exchange to avoid much of the regulatory oversight that had stifled other market exchanges in the past few days.
Binance issued a native utility token in 2017 known as the BNB token, which is now changed become Binance Coin. BNB allows users to pay charges at discounted rates. In addition, it provides for more flexibility in relation to the platform trading of pairs.
BNB was launched during the Initial Coin Offering (ICO) crowdfunding event, which raised $15 million in days. The ICO was held from 26 June to 3 July. During that time the company offered 100,000 BNB to the public. The total supply of BNB is fixed at 200,000,000 coins.
The first BNB tokens were issued as ERC-20 tokens on the Ethereum blockchain. Within a few months, the developers moved the tokens to Binance’s native blockchain. The transfer gave Binance more control over its internal operations and future operations.