#BinanceLaunchpoolINIT #PowellRemarks Binance Coin ($BNB ) Overview
Binance Coin, or BNB, is a cryptocurrency developed by Binance, the world's largest cryptocurrency exchange. Launched in July 2017, BNB was initially built on the Ethereum blockchain with the ERC-20 standard before becoming the native currency of Binance's own blockchain, Binance Chain ¹.
Uses of Binance Coin
BNB offers various uses beyond trading on the Binance exchange, including ¹:
- *Transaction Fees*: Paying for transactions on the Binance Exchange with discounts for users
- *Trading*: Trading for other cryptocurrencies on various exchanges
- *Payment Processing*: Merchants can accept BNB as a form of payment
- *Travel Booking*: Booking hotels and flights on select websites
- *Entertainment*: Paying for virtual gifts or buying lottery tickets
- *Investment*: Investing in stocks, ETFs, and other assets using Binance Coin
- *Loans and Transfers*: Using BNB as collateral for loans or splitting bills with friends and family
Key Features
- *Supply*: BNB has a finite supply of 100 million coins, with Binance performing quarterly burns to maintain scarcity and value
- *Auto-Burn Mechanism*: Binance uses 20% of its profits to buy back and burn BNB coins quarterly
- *Market Capitalization*: BNB's market cap is over $83 billion, ranking it #5 among cryptocurrencies
Current Price and Market Performance
- *Current Price*: $593.20 with a 0.46% increase in the last 24 hours
- *Market Cap*: $83.54 billion
- *Circulating Supply*: 140.89 million BNB coins
- *All-Time High*: $793.35 on December 4, 2024
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Potential Developments
- *Spot BNB ETF*: VanEck has filed to register a Delaware trust company for a potential spot BNB ETF in the United States
