Binance To Burn Team’s BNB Token Supply
Binance, one of the top cryptocurrency exchanges by trading volume, has announced that it has finished the eighth Binance Coin (BNB) token burn. The cryptocurrency exchange also stated that it plans to burn the tokens set aside to its team.
The announcement reveals that 808,888 BNB token, worth roughly $22 million) set aside for Binance team have been burnt in the event. The exchange has pointed out that the coin burn initiative is one among the firm’s plan to burn a total of 100 million BNB tokens. Binance stated that the team’s supply represents 40% of the total supply.
At the time of writing this article, Binance Coin was trading at $27.85, down 10% from last close. The market capitalization of Binance Coin is only $4.10 billion, making it as the sixth biggest crypto asset.
Back in June, Binance made a transaction of roughly $1.20 billion worth BNB coin in a matter of 1.10 seconds for a fee of $0.015 on the Binance Chain.
Binance’s CEO Changpeng Zhao commented, “The future is here.” Earlier last month, Bitfinex publicized its intention to perform a burn of its UNUS SED LEO tokens, which will aid the exchange’s holding company iFinex invest its revenue in purchasing the tokens at prevailing market prices to eliminate them.