Binance Coin (BNB)

Binance Coin (BNB) is a cryptocurrency that can be used to trade and pay fees on the Binance cryptocurrency exchange. The Binance Exchange is the largest cryptocurrency exchange in the world as of January 2018, facilitating more than 1.4 million transactions per second.


Users of Binance Coin receive a discount in transaction fees on the Binance Exchange as an incentive. BNB can also be exchanged or traded for other cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, etc.
Binance Coin was created in July 2017 and initially worked on the ethereum blockchain with the token ERC-20 before it became the native currency of Binance’s own blockchain, the Binance Chain.

Binance Coin was launched with an initial coin offering (ICO) in July 2017. As part of the ICO, BNB tokens were distributed among various participants, including angel investors and the Binance founding team.
Here’s a brief breakdown of how BNB tokens were initially distributed:

• Founding team: 40% (80 million BNB)
• Angel investors: 10% (20 million BNB)
• Public sale: 50% (100 million BNB)

All of the 100 million BNB tokens available for public sale were sold during the ICO at 15 cents per token. Therefore, Binance raised a total of US$15 million in bitcoin and ethereum.
From the $15 million that was raised, 35% was allocated to upgrading the Binance platform and exchange system; 50% was allocated for Binance branding, marketing, and education of new innovators; and the remaining 15% was used as a reserve in case of any emergencies or unprecedented circumstances.