- Binance Coin (BNB) is a cryptocurrency that was (BNB)
Binance Coin is a utility cryptocurrency that can be used to pay for trading fees on the Binance Exchange. Those that use the token to pay for the exchange will sell at a reduced rate. Binance Coin’s blockchain also serves as the foundation for Binance’s decentralized exchange. Changpeng Zhao created the Binance exchange, which is one of the most widely used exchanges globally in terms of trading volumes.
Binance Coin was first released as an ERC-20 token on the Ethereum blockchain. It was finally given its mainnet. The network uses a proof-of-stake consensus model. Binance has a market capitalization of $6.8 billion as of January 2021, with one BNB worth $44.26.