Binance Coin

About

Binance Coin (BNB) is a cryptocurrency launched by Binance, one of the world's largest cryptocurrency exchanges. Initially introduced as an ERC-20 token on Ethereum in July 2017, BNB later transitioned to its own blockchain, Binance Chain, in April 2019. It is primarily used to pay transaction fees on Binance, offering users a discount on trading fees. BNB's total supply was initially set at 200 million, but Binance regularly conducts coin burns to reduce the supply, potentially increasing its value. BNB's applications extend beyond the Binance platform. It is used for transaction fees on Binance Smart Chain (now BNB Chain), in DeFi applications, and as a payment method for goods and services. BNB supports staking and governance on the BNB Chain and can be used for investments and financial services. Its versatility and strategic positioning within the Binance ecosystem contribute to its widespread adoption and market presence. Despite its growth, BNB, like other cryptocurrencies, faces risks such as market volatility and regulatory scrutiny.