![]() ![]() Whilst the BNB Beacon Chain uses the Tendermint Byzantine-Fault-Tolerant (BFT) consensus mechanism, the BNB Smart Chain employs the Delegated Proof of Staked Authority (PoSA) consensus mechanism. The Binance ecosystem comprises two blockchains – BNB Beacon Chain and BNB Smart Chain (BSC) – now recognized as one single entity, the BNB Chain. Besides powering the Binance ecosystem, BNB is also actively used for payments on various third-party platforms in the travel, entertainment, finance, and services sector. How BNB worksīNB can be freely sent between crypto wallets and used as a payment method. Moreover, BNB’s fully diluted valuation at the time stood at over $100 billion. ![]() Consequently, BNB price rallied from under-$50 to an all-time high of $690.93 on (an increase of 460520% from the BNB ICO price). However, in the month of May 2021, the entire crypto market witnessed a major uptrend, with many cryptocurrencies registering new all-time highs. Even during the market-wide crypto bull run of 2017-18, BNB's all-time high price was only $24.71 (in January 2018). However, the increase in BNB USD price was slow in the start, where it remained well under $50 between 2017 and early 2021. With Binance’s rapid rise in the crypto industry, its native coin BNB has also witnessed significant value appreciation over the years. The BNB coin is at the heart of this ecosystem and BNB price has followed the exchange's growth. Powering this exchange is an entire ecosystem of offerings such as margin trading, P2P trading, swap farming, crypto derivatives trading, Binance Launchpad, Binance DEX, staking services, liquidity farming, NFT marketplace, and crypto loans. įounded by Chanpeng Zhao - popularly known as CZ - and Ye Hi, Binance is one of the largest crypto exchanges in the world in terms of daily trading volume. Whilst Binance Coins were initially released as ERC-20 tokens on the Ethereum blockchain, they were swapped in 2019 to BNB coins on the Binance Chain, which has since merged with the Binance Smart Chain (BSC) to form the BNB Chain. Today, Binance Coin (now BNB) facilitates discounted crypto trading on Binance alongside giving holders access to the exchange's launchpad and various other products and services. Launched in mid-2017 through an ICO (Initial Coin Offering) valuing each token at $0.15, BNB was used to raise funds for the marketing and development of the Binance cryptocurrency exchange. This content and any information contained therein is being provided to you for informational purposes only, does not constitute a recommendation by Coinbase to buy, sell, or hold any security, financial product, or instrument referenced in the content, and does not constitute investment advice, financial advice, trading advice, or any other sort of advice.Short for ‘Build and Build’, BNB, formerly known as Binance Coin, is the native cryptocurrency of the Binance ecosystem. ![]() Conversion rates are based on Live BNB Price Index and the price indices of other digital assets. It has a circulating supply of 163,276,980 BNB.īNB Coin Price Chart determines the exchange rates between major fiat currencies and cryptocurrencies – including BTC, ETH and XRP to USD, EUR, GBP. BNB to USD price is updated in real-time. The live price of BNB is $ 311.24 per (BNB/USD) today with a current market cap of 50.82B USD. ![]() In the future the owners of Binance hope to make it a completely decentralized exchange, making BNB the core unit of exchange and value on the platform. It is now a top 10 digital currency by overall market cap.īinance Coin can be exchanged for fiat currency on alternative exchanges that support fiat-to-crypto trades. This digital currency has increased in value over 30 times since its ICO and maintained a steady pace of increase, making it a rarity among most boom and bust cryptocurrencies. The more that exchange users conduct transactions and, thereby, use the coin, the greater the demand for the coin and the greater its corresponding value. The value of Binance Coin has increased steadily since its launch in 2017 alongside the trading volume taking place on the exchange. This also allows the coin to act as a unit of account and medium of exchange on Binance, particularly for evaluating crypto-to-crypto trades according to some base value in BNB. It does not use fiat currency at all, so instead it uses its own developed coin, BNB, to pay for transactions and transfer fees. Binance is one of the largest cryptocurrency exchanges in the world based on trading volume. Binance Coin (BNB) is the cryptocurrency used to fuel operations on the Binance digital currency exchange. ![]()
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