The Binance Coin (BNB) price is currently $9.50118 in USD, with a circulating supply of 95.51M BNB. Its market capitalization (market cap) is $907.48M. $20.09M worth of BNB has been traded in the last 24 hours, with its price changing by -0.63% over this period.
ABOUT BINANCE COIN (BNB)
The company launched its live exchange platform in mid-July, 2017 and recently moved its head operations offices to the European island of Malta.
The BNB token is designed to be the underlying gas that powers the Binance ecosystem. Currently it runs natively on the Ethereum blockchain as an ERC-20 token. However, according to the Binance whitepaper, the exchange platform intends to migrate the token over to a decentralized exchange platform to become the platform’s primary exchange currency.
Being an exchange token, the primary function of Binance Coin is to serve as a token that can pay for the fees for all transactions used on the exchange. These transactions including trading fees (currently set at 0.1%), withdrawal fees, listing fees and for the purchasing of ICO tokens launched on the exchange.
By using the coin for these purposes, you are rewarded with a discount on the fees involved. This discount is in effect for the first four years of the exchange (with the first year commencing on July 15th, 2017). The discount scales back each year (first year – 50% discount, second year – 25%, third year – 12.5% and fourth year – 6.75%).
Traders have the option to select BNB token as the currency to pay for all of their exchange fees in their profile “User Center” setup by selecting “use BNB for fees”.
In the near future, the company plans to transfer its BNB token from the Ethereum ERC-20 platform over to its own “Binance Chain” platform protocol which will serve as the basis for a new truly decentralized and community-driven exchange.
Binance has also scheduled a BNB repurchasing plan (also known as “coinburn”) where they will use 20% of their profits to buy back BNB tokens at market value and essentially dissolve or “burn” them. This will continue until they have bought back 50% of the 200 million BNB tokens currently in supply leaving 100 million in its remaining total supply.
Learn more in the following guide:
BINANCE COIN PRICE HISTORY
The Initial Coin Offering (ICO) token sale for Binance Coin (BNB) ran from July 1st to July 21st 2017 and helped to raise funds for the launch and establishment of the exchange. The token price launched at approximately $0.115 USD.
Today’s current price of BNB is $9.50118 USD with a market cap of approximately $907.48M.