Binance Torches Over 1,000,000 BNB Tokens

Olivia Smith

Binance Torches Over 1,000,000 BNB Tokens

The global cryptocurrency exchange Binance continues to torch its own utility token, Binance Coin (BNB), in an effort to maintain the asset’s value.

This week, the exchange completed its 16th quarterly token burn of 1,296,728 BNB worth about $393.67 million, according to a press release.

Binance performs coin-burning events every quarter until it destroys 100 million BNB from circulation – half of the total 200 million BNB ever issued. The exchange burns its own utility token in an effort to reduce BNB supply and potentially increase its value.

Binance chief executive Changpeng Zhao tells his 3 million Twitter followers that the company has also unlocked 16 million BNB tokens, which is part of the vesting schedule for the crypto exchange’s team.

“The remaining 16 million BNB unlocked, and moved to a team address, according to the schedule in the white paper. Binance team has never used or sold a single team BNB thus far, only burned them.”

Last quarter, Binance burned a total of 1,099,888 BNB worth about $595.31 million. BNB was trading around $510 at that time. Binance’s utility token is now trading at $283.28, according to CoinGecko.

In January, Zhao articulated Binance’s commitment to burn BNB at a faster pace. The exchange previously set its burn rate in accordance with quarterly trading volumes, but the crypto exchange CEO said that BNB’s rapid rise in value made the methodology seem “somewhat slow.”

Source >> https://dailyhodl.com/2021/07/20/binance-torches-over-1000000-bnb-tokens-in-latest-quarterly-burn/

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