History of Binance CoinBNB is the native coin of Binance cryptocurrency exchange and was built on the Ethereum blockchain. BNB was created by Binance CEO, Changpeng Zhao, otherwise known as CZ and launched in July 2017. The primary aim of BNB is to fuel Binance operations, pay listing fees, exchange fees and trading fees.
Did you know that having a native currency reduces an exchange’s dependency on traditional money? A native crypto like BNB, helps end-users to save on charges/fees and makes for speedy transactions.
How does it work?As previously stated, you can use BNB to pay trading fees on Binance. When you join, you will get 50% discount on fees for the first year. Every subsequent year of membership, the fee discount decreases. There will be no fee discount when paying in BNB by your fifth year.
At the same time, the value of BNB tokens should also decrease as the fee rebate decreases. In order to avoid depreciation, BNB tokens are burnt every now and then.
Benefits of BNB
Is BNB worth the investment?The great thing about BNB is that as long as the Binance exchange continues to grow, so will its native currency. BNB has an inherent use. Currently, the price of BNB is being driven by the launch of Binance’s blockchain network that is aimed at competing with Ethereum for a share of the DeFi market. BNB tokens can even be used to pay gas fees.
Binance will be launching an NFT marketplace in June which can drive the price of BNB even further. The non-fungible tokens (NFTs) marketplace will allow users to create, sell and buy NFTs on the platform. An NFT is a file on a blockchain that serves as proof of ownership of a unit such as artwork or a collectible. The most talked about NFT at the moment, is a piece of digital art by artist Beeple that sold for $69 million on auction.