Binance Coin is issued by the Binance Exchange and is being traded with a BNB symbol. This is operating under Ethereum blockchain following the ERC 20 standard. It additionally has strict limit of 200 million BNB token as its max.
What’s Binance Coin?
It is expected that Binance coin will be the blood for Binance exchange as well as its ecosystem. This is supporting several utilities on Binance ecosystem including but not limited to the following:
- Exchange Fees
- Trading Fees
- Listing Fees
The initial year of its launch does provide 50 percent discount on the trades via Binance coin and discount percentage is then reduced by half annually.
Meaning to say, there will be a 25 percent discount on the second year with the following year at 12.5 percent in which the discount ends on the 5th year.
Perks of Binance Coin
Binance coins can be used too in investing for some ICOs listed through Binance program. The new cryptocurrencies would be listed on Binance exchange and utilization of Binance provides seamless trading marketplace to trade new and established cryptocurrency.
Binance platform has repurchase plan at the same time to which it uses 20 percent of its profits in buying back BNB tokens, burning/destroying them until the max of 100 million or 50 percent, the BNB tokens are then bought back.