• Binance Coin is a cryptocurrency issued by the Binance exchange and traded under the BNB symbol.

  • BNB was originally based on the Ethereum network, but is now the native currency of Binance’s own blockchain, the Binance Network.
  • Every quarter, Binance uses a fifth of its profits to buy back and permanently destroy or “burn” the Binance coins held in its treasury.
  • Binance was created in 2017 as a utility token to reduce trading fees, but its use has expanded to a variety of applications, including payment of transaction fees (on the Binance network), travel booking, entertainment, online services, and financial services.
  • At the time of writing, Binance has a market capitalization of over $56 billion, second only to Bitcoin, Ethereum, and USD Tether in terms of market capitalization.