Binance Coin (BNB)
The main purpose of the coin is to act as a payment method for different types of transactions and purchases, as well as cover trading fees on the Binance Exchange. The Binance Exchange has a repurchase plan, using 20% of its profits to buy out BNB coins. The plan involves buying 100 million BNB coins, out of a total supply of 200 million units. The exchange burns—that is, destroys—the repurchased BNB units to reduce the total supply.
Binance performs quarterly coin burns. Once the coins are burnt and destroyed, the crypto units can’t be retrieved. Burning transactions are permanently recorded on the blockchain and are transparent and irreversible.
Technology & Supply
Learn more technical information about the digital asset.
Binance Coin was developed and created with several use cases.
BNB can be used to cover trading fees on the Binance Exchange, and it is supported by the platform, mobile application, and VISA debit card of Monaco. According to the Binance Exchange Fee Schedule, BNB can facilitate discounts on trading fees.
The Binance ecosystem also includes Binance Launchpad, where BNB can be used to invest in new prominent tokens and coins hosted on the launchpad. BNB can also be used to pay bills on Crypto.com and pay for travel expenses anywhere BNB is accepted, including on Dent apps.
More importantly, BNB is used to power the Binance Decentralized Exchange. More merchants shops are accepting BNB as a payment method, so BNB can be used for Decentraland auctions, impact investments, settling small debts, buying virtual gifts, and even hiring freelancers. From in-store and online payments to covering trading fees, BNB has multiple useful functions.