Binance Coin is a digital currency issued by the cryptocurrency exchange platform Binance (the name comes from the combination of “binary” and “finance”) and denoted by BNB ticker. Binance itself was established in 2017 by Changpeng Zhao – current CEO – with his co-founder and CTO Roger Wang.
Created for the ICO crowdfunding event, which took place between the 26th of June to the 3rd of July 2017, the token itself was initially based on the Ethereum blockchain, however, in March 2018, the company representatives made an announcement about the future of BNB implying transferring of the asset to its own mainnet. Thus, the migration of the token started simultaneously with the launch of Binance Chain testnet in Spring 2019. By now, the process is completed since all the tokens were swapped to native coins or burned. Apart from the function of the valuable assets, those newly established coins serve also as fuel for Binance DEX (decentralized exchange). Thereby, it makes sense to get some amount of BNB to pay the fees charged for the transactions and exchange operations within the network. The Binance Coin cannot be obtained by mining since all tokens were pre-mined by Binance at its establishment. Thus, in order to acquire the coin, you can visit one of the popular trading platforms or use the built-in cryptocurrency purchase feature of Guarda Wallet.
As a digital asset, BNB coin is quite remarkable not only because of the company that issued it but also because of its complicated story of ups and downs. Since the launch of the token on the Ethereum blockchain in July 2017, Binance has reached the top position according to the exchange volume and consequently faced the necessity of building its own chain in order to expand its influence to the market even father. Thus, in Spring 2019 BNB migrated to its own mainnet within the newly established Binance Chain. These changes have resulted in the exponential growth of the coin price which could last even longer if there wasn’t a hacker attack on Binance custodial storage. Nevertheless, the unexpected security fail hasn’t ruined the reputation of the coin and its emitter, so BNB continued making its way to the top of CoinMarketCap. At the moment, it occupies the 6th position among all existing cryptocurrency assets according to the current market capitalization of $4,450,215,984 with its price fluctuating at around $30.
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