BNB (BNB) Live Price

What Is BNB?

Binance Coin (BNB) is a cryptocurrency that was created by the well-known trading platform Binance. The coin operates on the Ethereum blockchain natively and adheres to the ERC20 technical token standard. It is a utility token that can be used on the Binance exchange.

It is only an exchange token for cryptographic forms of money. The term "Binance" is a combination of binary and finance.

Binance held an Initial Coin Offering (ICO) for BNB in July 2017, which helped it raise $15 million. During the ICO, the company offered angel investors 10% of the total number of coins (BNB 20 million), the founding team 40% (BNB 80 million), and the remaining 50% (BNB 100 million) to other participants.

According to Binance's whitepaper, half of the funds raised during the ICO were earmarked for branding and marketing, one-third for building the Binance platform and performing necessary upgrades to the Binance ecosystem, and 15% for emergencies.

The token was created with a total supply of 200 million, and Binance's strategy of buying back a percentage of the coins and 'burning' them has had a significant impact on BNB's value. Burning coins removes them from circulation and permanently destroys them. The advantage is that it raises the value of the remaining coins in circulation.

Binance has stated that it will use 20% of its profits from each quarter to buy back and burn BNB until the coin's supply is reduced to 50% of its original amount (100 million BNB). Binance announces every buy-back transaction on the blockchain for transparency.

Who Are the Founders of BNB?

Binance coin was founded in 2017 by Changpeng Zhao, a veteran of traditional Wall Street finance and cryptocurrency. In the crypto community, Changpeng is commonly referred to as CZ. He is the founder and CEO of BijieTech, a company that provides cloud-based exchange solutions to exchange operators.

CZ previously served as the cofounder and CTO of OKCoin, as well as the cofounder of Fusion Systems.

Roger Wang, Binance's cofounder and CTO, has over a decade of experience in the financial industry.

CZ oversaw Binance's initial coin offering (ICO), which raised $15 million, and guided the company to rapid growth.

BNB price

BNB's value fluctuates as it is used and traded, just like any other cryptocurrency on the market. Users can keep BNB in acceptable wallets outside of cryptocurrency exchanges and send it directly to others for payments or other purposes.

The current market value of one Binance Coin [BNB] is GBP 246.38 at Jun 4, 2023. 

The circulating supply of Binance Coin is GBP 157,886,280 . The highest Binance Coin price ever recorded is GBP 497.18 and the lowest price ever recorded is GBP 0.030275.

Many factors have influenced Binance Coin's price history, including government regulations, technological advancements, retail and institutional investor adoption, and market forces.

What can you use BNB for?

Binance coin (BNB) was established in 2017 as a utility token with low trading fees. However, it has since been used in a wide range of applications for a variety of purposes which includes:

• It is used to pay transaction fees for Binance.com, Binance DEX, and Binance Chain.
• It can also be used to make payments (on sites such as Crypto.com); to book travel accommodations (on sites such as TravelbyBit, Travala.com); to entertain (via virtual gifts, card packs, and lotteries); and to pay for online services (e.g. BitTorrent).
• Binance Coin (BNB) can also be used as collateral for loans on Binance and other platforms.
• Binance Earn: This allows users to stake BNB and earn a handsome APR.
• All Binance exchange transaction fees are paid in BNB and Users receive discounts on these fees.
• In addition to discounts, BNB holders receive other benefits from Binance, such as investment and launchpad events.

What Makes BNB Unique?

Binance coin (BNB) is a one-of-a-kind ecosystem of decentralized, blockchain-powered networks.

Binance's drive for development and global adoption is one of its most significant competitive advantages. While Binance began as a cryptocurrency exchange in 2017, it has since expanded into a variety of other fields. The company's mission, according to its whitepaper, is to become the infrastructure services provider for the entire blockchain ecosystem.

The company has grown to be the leading cryptocurrency exchange and their side organizations are also gaining traction in the crypto and blockchain ecosystem.