Binance burns BNB tokens worth $24 million in its quarterly burn program

14 Juillet, 2019, 14:21 | Auteur: Auguste Feret
  • Binance burns BNB tokens worth $24 million in its quarterly burn program

Going forward, future token burns will first go through the team's wallet.

Users can now trade bitcoin (BTC), ether (ETH), XRP, binance coin (BNB), tron (TRX) and tether (USDT).

On Friday morning, July 12, the crypto exchange with the highest impact on the industry, Binance, issuing a blog post, saying that another portion of BNB had been burned with nearly 809,000 BNB eliminated. However, there are 189 million in circulation now, and the surplus of 89 million tokens held mostly by the Binance team will be eventually burnt. But now, we are giving that up, and we will contribute this to the BNB burn.

Binance has vowed to burn the entire 80 million BNB, worth $2.4 billion, originally allocated for the team in what it calls a continued commitment to growing binance coin and the cryptocurrency exchange.

"We are now committing to building the Binance ecosystem without getting any BNB from the initial allocation".

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It also detailed that the team will burn its holding of 80 million BNB first, followed by the destruction of the remaining nine million BNB by the exchange. Bringing also BNB very close to their ATH. According to the Binance whitepaper, the token burns will continue every quarter until there is only 100M BNB left in circulation. "All BNB we have are either earned through our services or bought with our own money", Zhao continued.

That is to say, 40% of the total BNB supply that belonged to the Binance team from now on will become part of the cycle of periodic token burning that the company maintains. That $15M in BNB two years ago is now worth $4,200,000,000.

Per the team, the Binance Margin Trading platform comes with a newly optimized user interface that caters to both the needs of regular traders and those interested in taking advantage of the Margin Trading feature. "We are here on a mission", it reads.

Binance token burns are usually preceded by a significant price spike. However, bear in mind, the token burn has not yet occurred which could further push up the price.

Do you feel that Binance is being especially transparent with this new announcement? BeInCrypto is an independent website with authors and management that may personally invest in cryptocurrencies or blockchain startups.

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