❓ What Is Binance Coin (BNB)?

❓ What Is Binance Coin (BNB)?

In previous blog articles, we’ve covered a broad view of cryptocurrency and offered a closer look at Bitcoin, Ethereum and several other altcoins.

👀 In this article, we’ll take a closer look at the cryptocurrency – Binance Coin and its related  exchange platform, Binance. Our brief guide below will provide information on what it is and how it works, and get you on a clearer path to understanding.


👉Binance Coin (ticker: BNB) is the in-house cryptocurrency token used on the Binance exchange trading platform, currently the world’s largest cryptocurrency exchange. Being the native token of such a popular global exchange, BNB has been entrenched in the top 5 cryptocurrencies by market capitalization📈 for quite some time.

💰 BNB is designed to be the underlying gas that powers the Binance ecosystem. The primary function of Binance Coin as an exchange token is to serve as a token that pays for the fees for all transactions used on the exchange.

Initially based on Ethereum, BNB now operates on the BNB Chain, which is compatible with the Ethereum virtual machine (EVM). Its consensus mechanism is "Proof of Staked Authority", a combination of Proof of Stake (PoS) and Proof of Authority (PoA).

Binance utlises a BNB repurchasing plan (also known as “coinburn”🔥)­­­ where the company uses 20% of their profits to buy back BNB tokens at market value and essentially dissolve or “burn” them. This will continue until Binance has bought back 50% of the 200 million BNB tokens in its initial supply leaving 100 million BNB in its remaining total supply.


Binance launched its live exchange platform in mid-July, 2017. Originally headquartered in China, Binance moved its head operations offices to the European island of Malta🇲🇹 in 2018.

Binance is headed by its founder and CEO, Changpeng Zhao (aka “CZ”). Among CZ and the other members of the Binance team, they have had experience with BijieTech, OKCoin (one of the largest Bitcoin exchanges in the world), Blockchain.info, Nomura Securities and Fusion Systems.

Binance Founder & CEO, Changpeng Zhao (“CZ”)

Since this time, Binance has gone from strength to strength and remains one of the leading cryptocurrency exchanges worldwide🌎.


✔️ Exchange discounts🈹 – Holding and using BNB to pay for trading fees earns a 25% discount on trading fees.
✔️Available pairs💰 – Currently, there are 353 coins and 1389 trading pairs available on the exchange.
✔️ Accessibility💫 – The Binance exchange and BNB cryptocurrency platform offers scalability as it is supported in a vast range of devices from desktops.
✔️ Real world payments🛒 – Merchants may accept payments in BNB: to book travel or entertainment, and to pay for online services.

Centralization👥 – Despite giving the appearance of decentralization, only a fairly small group of validators run the network and own most of the BNB on the DEX – a setup that could add to the platform’s vulnerabilities.
Regulation⚖️ – Binance has come up against regulatory hurdles in a number of different countries, including the U.S.


The finite supply of Binane Coin was initially 200 million, but through “coinburns” now totals a circulating supply of approximately 157.9 million BNB. The current market capitalization of Binance Coin is approximately USD$46 billion.


The Initial Coin Offering (ICO) token sale for Binance Coin ran from July 1st to July 21st 2017 and helped to raise funds for the launch and establishment of the exchange.At BNB’s initial launch, it had a minimal value of USD$0.115 and for its first few years of trading (2017- early 2021), it fluctuated in value between USD$4.57 and USD$38.81. The 2021 bull run saw BNB rise exponentially to an all time high price of USD$676.32 in May of that year, followed by another peak close to this ATH point. However the 2022 crypto bear market has reduced the BNB value to a range between USD$209.71 and USD$349.29.


📲.The Bloom shopper rewards app allows you to earn Binance Coin and other crypto (like Bitcoin, Ethereum and a range of other altcoins) with every purchase made on your Visa card 💳.

🦉 All you need to do is download the Bloom app, register an account, link your Visa card and shop anywhere using your credit or debit card.

💰 With every purchase, you will earn Bloom Coins by simply using your Visa card💳. The more you use your card, the more Bloom Coins you will earn.

🎁 Bloom Coins can be redeemed for in-app rewards and converted into BNB.

🆓 Converting crypto on Bloom, such as BNB, is free of charge and has no gas fees!

💎 Earn exclusive 3x Bloom Coin rewards with a Premium Membership.

The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Bloom does not recommend that any cryptocurrency or NFTs should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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