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.
Cryptocurrency is a form of digital asset based on a network distributed over a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.