Binance coin has come into existence after the exchange issued a coin with the same name. It is a Singapore based crypto exchange and over time it has become one of the most famous and most trusted crypto exchanges. Earlier this exchange had worked on Ethereum’s blockchain known as “ERC 20 STANDARD” and now has become the home for the similarly named coin and has its own blockchain on which it runs the Binance chain.
This coin symbol is BNB and it trades and exchanges with the same symbol. Earlier this token had evolved as a medium to provide discounts to the investors that had invested in the Binance coin. That is how the journey of the Binance token started and gained widespread popularity. This token can be used as a payment method for bookings such as entertainment, financial services, travel etc. In terms of market cap, this coin ranks number four after the many popular currencies. Binance has a total of 200 million tokens in the circulation market. The exchange that has given rise to the BNB token is one of the largest exchanges and talking about transaction processing, it processes about 1.4 million transactions per second. To know more about bitcoin, you can visit here .
HISTORY OF THE COIN
In the year 2017, Binance coin was launched during an ICO known as Initial Coin Offering where any currency that has newly launched is offered to the investors for free. Through the ICO process, it had offered a different number of tokens to different platforms such as 50% of the token was offered to the participants, 10% was offered to the “angel investors” and 40% was issued as an ICO to the team that founded this currency. All this process of distribution of coins was done as an ICO.
Half of the revenue generated through this process was invested in branding the coin and marketing. The other third part of the fund was used to make its platform and for any future upgrade to be made in its ecosphere. Initially, this coin did not have its blockchain and it had to rely on Ethereum’s blockchain but now it has formed its own Binance blockchain and works through its blockchain.
USAGE OF BNB TOKEN
BNB is not just an exchange but its usage has been seen on different platforms. Such other usages have been written below:
- It can be used to make payments for credit cards.
- To make any payments in the virtual sphere.
- To make any payment that relates to making arrangements in travelling etc.
- It can also be used to take loans and any future transfers.
- If any person wants to donate certain things to the charity for varied purposes to assist financially.
- To book on different platforms be it for entertainment or travel or any business investment.
Hence, we can see that this coin does not have one usage but has been seen for varied purposes. All these varied usages make it a popular and widely invested coin. Its market cap is also another feature that makes investment more trustable for investors.
CONCLUSION
The article written pertains to disseminate the information relating to Binance coin that is said to have founded after the exchange with a similar name. This token was formed to attract investors to invest in this coin by providing discounts however it was initiated by an ICO offered to its different platform. I hope if you are a BNB investor, this information provided you with the necessary information for your future investments in this coin.
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