Burning BNB, which involves sending tokens to an inaccessible wallet, effectively removes them from circulation forever. It was initially introduced as a mechanism to accrue value and grow Binance. But as the broader crypto market grew and Binance Smart Chain was launched, BNB found uses beyond simply being an exchange token. It is the third-largest coin by market value, according to CoinMarketCap data, behind only bitcoin and ether. It was trading at about $530 in European hours on Thursday morning.
Related posts
-
Binance Co-Founder Dispels Rumors That Crypto Exchange Asks for Tokens Prior to Listing
Binance co-founder Yi He is pushing back against claims that her crypto trading platform asks for... -
Binance, CZ’s Lawyers File Motion to Dismiss Amended Complaint in SEC Lawsuit
Lawyers representing Binance and former CEO Changpeng “CZ” Zhao have made a fresh attempt to dismiss... -
Binance Reveals Strategy to Introduce Crypto to the Next Billion Users
Binance CEO Richard Teng has revealed the strategy the...