Binance Coin (BNB) the Cryptocurrency Behind Binance Exchange
Binance Coin (BNB) is the cryptocurrency supporting one of the biggest cryptocurrency exchanges in the world: Binance.
Binance held the ICO where they used the funds to create the Binance exchange.
Since the release the exchange quickly became one of the biggest and most reliable cryptocurrency exchanges in the world.
The team behind the exchange introduced some interesting use cases for the token.
Tokens and usage
The token has several use cases and grands benefits:
– exchange fees are reduced if paid in BNB
– users holding 500BNB will get double the referral bonus so there is intitiative to hold the tokens
– people can contribute to the ICOs in BNB through the launchpad (next to ETH)
– users can convert dust (small amounts of crypto that can’t be sold) into BNB
– as a market (users can buy other cryptos with BNB)
– Binance has BNB re-purchasing plan where every quarter, they will use 20% of profits to buy back BNB and destroy them
– will be used for decentralised exchange in the future
The double of the referral bonus was introduced recently: just few days ago. Users holding 500BNB get the bonus. This affected the price very positevly.
The dust conversion was also introduced recently, just around a month ago.
Binance regurarly does different competitions and giveaways – there’s a CLOAK competition ongoing with IOTA just finished.
Recent listings include Augur, Bytecoin, Loom Network, Cloak and Golem with TrueUSD listing upcoming (less dodgy Tether)
It was recently annouced that Binance is more profitable than the Deutsche Bank last quarter
There is no specific roadmap available but there are certain planned developments:
First of all the BNB bonus will decrease with time which might not be that great for BNB value.
In the future, Binance will build a decentralized exchange, where BNB will be used as one of the key base assets as well as gas to be spent. It is actually unclear when this will happen.
There will obviosly be new listings and new ICOs ran on the platform but the schedule for those is unclear.
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