Binance coin price: What is Binance coin? Crypto exchange token valued at $1BILLION

Wednesday, January 24, 2018
By Paul Martin

BINANCE coin is fast becoming one of the major competitors to cryptocurrency giants bitcoin, Ripple and Ethereum. But what is Binance coin and what does it cost?

Wed, Jan 24, 2018

Binance kicked off trading today at $13.09 (£9.25), marking an almost 50 percent drop on its January 12 high of $24.34 (£17.21).

But the token’s $1.3billion market capitalisation is still a worthy contender on the markets, ranking 27th on CoinMarketCap’s market tracker.

Binance coin (BNB) is the signature virtual token of the Chinese based crypto exchange Binance. The word is a portmanteau of binary and finance.

According to CryptoCompare, “The Binance Coin is an Ethereum-based token that allows users to receive a discount for any fees on the Binance platform, a pure cryptocurrency exchange that plans to create a decentralised exchange for blockchain assets.

“BNB also gives users access to special features and will be used to power the upcoming decentralised exchange. “

Much like bitcoin, there is a finite supply of around 200 million BNB tokens that can ever exist. There are currently more than 197 million out there to be discovered.

Created using the ERC 20 token standard from Ethereum, BNB is used as an alternative method for paying Binance’s trading fees.

Buying BNB gives Binance customers a kick-back in the form of a 50 percent discount on all transaction and withdrawal fees in the first year of use.

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