On coinmarketcap.com, the Binance platform has moved few places up since its launch to make a mark for itself as one among the top 3 cryptocurrencies exchange platform in the world. This miracle, which is just 143 days old in the cryptocurrency ecosystem took place after the platform registered a 24 hour trading volume of about $826.56 million.
The journey started in July 2017 when Binance Exchange was launched. Since then, the platform has distinguished itself as one of the best 24-hour cryptocurrency trading ecosystems. Within the past 3 months, Binance has created trading markets that operate in different cryptocurrencies, including ETH, Bitcoin, USDT, and BNB.
Binance’s amazing successes
Binance has created an exchange engine that has the capacity to accommodate 1.4 million exchange orders every second. At any point in time, the platform can house 20 million users. With its customer service unparalleled to any other in the industry, offers support in both English and Chinese language. By continuing on the current trajectory, the platform is on its wat to capture the market entirely.
Binance introduces its own BNB cryptocurrency through ICO
Binance has its own BNB tokens which offers the coin-holders a chance to own an appreciating asset as the platform continues to allocate 20% of the profits over each quarter to buy back the tokens at the current market price. This is to continue until half of the BNB, representing 50 million of the total 100 million are totally burned. As a result BNB will have a stable value, which will continue to appreciate over time.
The token burn journey started back in September 2017 — first quarter when Binance burned a total of 986,000 BNB tokens.
BNB provides multiple use cases
Though it might just be the motherboard that serves the entire Binance ecosystem, the BNB is a powerful cryptocurrency that comes with different utilities. Among other things, these are some of the use cases of the BNB cryptocurrency:
- It is used by participants as the currency for exchange fees payment. This gives users a 50 percent discount in the first year of use.
- It is also used by participants to make investments in the Launchpad ecosystem of Binance
- Services such as the Binance Info Platform and the advertising that goes on the platform, as well as other features that are yet to come all attract some fees, and BNB is used to pay for all that.
Binance is moving forward with better exchange options.