BNB $BNB

Binance Coin, also known as BNB, is the exclusive cryptocurrency of the Binance platform. A trading conduit solely for cryptocurrencies, Binance has quickly landmarked its success in the global crypto market with its headquarters based in Malta. The name "Binance" creatively fuses the terms 'binary' and 'finance', signifying a platform where only cryptocurrencies can be traded against one another. Fiat trading is currently not supported on the platform.

About BNB

Made available on the platform using the ERC20 token standard from Ethereum, Binance Coin has a total supply limit of 200 million BNBs. These tokens were initially distributed as follows: 50% through an Initial Coin Offering (ICO), 40% to the team, and the remaining 10% to Angel investors. Among its many uses, BNB can be utilized to pay for various fees on the Binance platform, such as trading fees, transaction fees, listing fees, and more. BNB users enjoy significant discounts on these fees, making it a highly attractive proposition for traders.

Fee Discount Schedule

The structure of BNB's fee discounts was designed to encourage users to purchase BNB and actively engage in trading on Binance. The discount scheme is as follows: a 50% discount on all fees in the first year, followed by a 25% discount in the second year, 12.5% in the third year, and 6.75% in the fourth year. From the fifth year onwards, no discounts are offered.

BNB Buyback Plan

In Q1 2018, Binance announced a buyback plan wherein it pledged to buy back up to 100 million BNBs. These coins are subsequently 'burned' or devaluated, which essentially increases the value of the remaining coins. This unique approach benefits investors by potentially increasing the value of their assets. BNB will continue to exist as an asset on the trading platform and function as 'gas' for transactions in the future.

Other Exchange Tokens

While Binance Coin is a key player, it's worth acknowledging that there are other tokens issued by different exchanges. Some notable examples include the Bibox Token, OKB, and the Huobi Token, among others.