Binance Coin, or BNB, is a major player in the cryptocurrency world. Launched in 2017 by Binance, the world’s leading cryptocurrency exchange by trading volume, BNB is more than just another digital currency. It’s a utility token, meaning it offers various benefits beyond simply being traded.
One of the key advantages of holding BNB is the ability to get discounts on trading fees on the Binance exchange. Users can see significant savings, up to 25%, on both spot and margin trading by utilizing BNB. However, BNB’s usefulness extends beyond the Binance exchange itself. It can be used for a variety of purposes, including paying for goods and services from participating merchants and settling transaction fees on the Binance Smart Chain, a blockchain network compatible with Ethereum Virtual Machine (EVM). Additionally, BNB can be used to participate in exclusive token sales on launchpads.
BNB’s value has seen a considerable rise since its launch. Binance implements a unique system where they use a portion of their profits to buy back and burn BNB tokens on a quarterly basis. This strategy can help increase the value of remaining tokens over time, making BNB an attractive proposition for investors.
