What is Binance Coin (BNB)?

BNB, or Binance Coin, is a digital asset and the native cryptocurrency of the Binance Chain blockchain. It was created by Binance, one of the world’s largest cryptocurrency exchanges, and is used to facilitate transactions on the Binance platform.

As of December 10, 2022, BNB has a market capitalization of over $35 billion, making it the second-largest digital asset by market capitalization. It has a total supply of 200 million BNB, with over 180 million currently in circulation.

One of the key features of BNB is its use on the Binance platform. BNB can be used to pay for transaction fees on the Binance exchange, and users who pay with BNB are eligible for discounted fees. In addition, BNB is used as the primary currency for initial coin offerings (ICOs) on the Binance Launchpad platform, which allows startups to raise funds by selling their own digital tokens.

BNB is also used as a store of value and a medium of exchange on the Binance Chain blockchain. The Binance Chain is a high-speed and low-cost blockchain that supports the creation and trading of digital assets, and BNB is used to power transactions on the chain.

In addition to its use on the Binance platform, BNB is also accepted by a growing number of merchants and retailers as a form of payment. Binance has partnered with several payment processing companies to enable BNB payments at brick-and-mortar stores, and the Binance Card allows users to spend BNB at any location that accepts Visa.

BNB has also seen significant growth in value since its launch. In 2017, BNB was trading at around $0.10, but by 2021 it had reached an all-time high of over $600. This growth has been driven by the increasing popularity of the Binance platform and the widespread adoption of BNB as a digital asset.

Overall, BNB is a prominent and widely used digital asset, and its use on the Binance platform and acceptance by merchants make it an important player in the world of cryptocurrency.

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