What is BNB?

What is BNB? It is the native currency of Binance. It is currently #5 in ranking in terms of market cap, at the time of this article. At the very start, this token was just a way for the exchange to raise money with limited utility. However, over time we see the team creating value for BNB holders.

What is BNB for?

1. Trading Discount

BNB has a special usage, it allows users who hold the token to enjoy a 25% discount for trading. This Token also qualifies users according to the amount of BNB they hold. Check out the graphic below to see the trading discounts.

2. Binance Coin Burn

BNB will also be burnt quarterly depending on the overall trading volume. This is to reduce the total supply of the token. Eventually, up to 50% of the total BNB will be destroyed. Moreover, the team has given up their token allocations meaning that the tokens will be attributed to an additional burning event.

3. IEO / Binance Launchpad

BNB holders are allowed to participate in the Binance Launchpad for fundraising events, like token sales and Initial Exchange Offering (IEO).

4. Binance Decentralised Exchange (DEX)

In 2019 Q2, Binance has launched its decentralised exchange which using BNB token as the trading fee.

5. Payments

The currency has also seen adoption in the mainstream world as some goods and services are purchasable using Binance’s token. Some notable partners to note are Crypto.com (VISA card) and PundiX (a payment terminal for merchants).

Where can you purchase BNB?

Like many of the usual cryptocurrencies, you can buy this token via an exchange, OTC like Genesis Block HK, or even at a crypto ATM like CoinHere. If you would like to purchase BNB, feel free to reach out to us at genesisblockhk.com or even locate a crypto ATM here.

How can you store BNB?

BNB is quite simple as it is acceptable by a wide variety of hard and digital wallets. Hard wallets include the famous Ledger and Trezor, and the digital wallets include Edge and Exodus. Hard wallets are often much safer than digital wallets as it is less prone to hackers due to it being a hardware device that stores your currencies. To check out which wallet best fits you check out this article!

What is Binance?

Binance is one of the leading cryptocurrency exchanges that is currently providing trading services for more than 100 different cryptocurrencies. The exchange currently offers both spot and margin trading making it one of the largest cryptocurrency exchanges in the world in terms of trading volume. Binance’s success comes from the notable team, market timing, and product impact.