Binance Coin
What Is Binance Coin (BNB)?
Binance Coin is the cryptocurrency issued by Binance exchange and trades with the BNB symbol. As of Q2 2022, Binance Exchange is the largest cryptocurrency exchange in the world, with a volume of $7.6 billion OF CONTENTS
CRYPTOCURRENCY ALTCOINS
WHAT INVESTORS NEED TO KNOW ABOUT ALTCOINS
Overview
RELATED DEFINITIONS
UNDERSTANDING CRYPTOCURRENCIES
Tether (USDT)
Dogecoin (DOGE)
Binance Coin (BNB)
Litecoin
Ripple (Cryptocurrency)
Tezos (XTZ)
Cardano (ADA)
EXCHANGES AND WALLETS
Binance Coin (BNB)
By JAKE FRANKENFIELD Updated May 29, 2022
Reviewed by ERIKA RASURE
Fact checked by TIMOTHY LI
What Is Binance Coin (BNB)?
Binance Coin is the cryptocurrency issued by Binance exchange and trades with the BNB symbol. As of Q2 2022, Binance Exchange is the largest cryptocurrency exchange in the world, with a volume of $7.6 billion.1
KEY TAKEAWAYS
Binance Coin is the cryptocurrency issued by the Binance exchange and trades with the BNB symbol.
BNB was initially based on the Ethereum network but is now the native currency of Binance's own blockchain, the Binance chain.
Every quarter, Binance uses one-fifth of its profits to repurchase and permanently destroy, or "burn," Binance coins held in its treasury.
Binance was created as a utility token for discounted trading fees in 2017, but its uses have expanded to numerous applications, including payments for transaction fees (on the Binance Chain), travel bookings, entertainment, online services, and financial services.
At the time of writing, Binance had a market cap of more than $56 billion and ranks behind only Bitcoin, Ethereum, and USD Tether in terms of market cap..
