Binance recently announced that they carried out their 6th quarterly BNB token burn. The amount of coins destroyed were noted to be worth $9.4 Million. Coin burn is the process of sending a certain amount of tokens to an inaccessible address. BNB is an ERC 20 token. The burn involves sending Binance coin to an irretrievable Ethereum address. The team also gave the Etherscan link for the transaction.
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Design of BNB Token
The team had promised in their whitepaper that they will continue the practice of buying back certain amount of BNB every quarter and destroy them. Hence the exchange had set side 20% of its profits for this purpose. The ulterior motive is the reduction of prior 200 Million Tokens minted in the ICO phase to 100 million BNB.
Burn complete. I remember when I did the first burn of $1,500,000 USD equivalent in BNB, I was nervous as hell. Now, well, I am still nervous, lol. Fastest way to spend money. https://t.co/R6PL2cSURM
— CZ Binance (@cz_binance) January 16, 2019
Current Circulating and Total Supply
Current BNB token supply is 189,175,490. This implies that the exchange has to destroy approximately 89 Million BNB to achieve their goal. Likewise, as per common notion as supply decreases, the value of BNB will rise with time. The circulating supply of BNB as per the exchange’s official site currently stands at 141.18 Million tokens.
TCU reported today, Binance is all set to expand across European Markets with the launch of its new platform. The platform will facilitate fiat to cryptocurrency trading. Trading on platform, Binance Jersey will include pairs BTC/GBP, ETH/GBP, BTC/EUR and ETH/EUR . It will be available for the exchange’s users after account verification in accordance with Know Your Customer (KYC) process.
Also Read: Binance CEO’s Tweet Trolled For Advocating Storing Crypto On Exchanges
