Binance, the world's largest cryptocurrency exchange, has its own token called BNB that is run on Binance’s own smart chain (BSC). The BSC itself is a big driving force behind the explosion of projects created during 2021. You can now buy BNB easily and securely via Altbase Altcoin Exchange!
The BNB token is the native token and the power behind the Binance ecosystem. Its position within such a large exchange makes BNB one of the world's most popular utility tokens.
With BNB, users of the Binance exchange are able to pay for goods and services, participate in token sales, and reduce transaction fees. Whereas outside of Binance, BNB has a wide range of applications that include loans and transfers, investment options, entertainment purchases and even booking travel through various sites.
With a maximum of 200 million tokens, Binance uses one fifth of the profits from their business every quarter, to repurchase BNB tokens for burning, removing them from supply to increase rarity and increase value through scarcity. A burn in Oct 2021 removed over half a billion dollars of BNB from the supply.
BNB is currently the paired token for all of the projects listed on Altbase for the time being.
Developments are underway and due soon, for cross-chain implementation that will reduce the need for BNB to trade within Altbase.
Formerly known as 100xcoin. Check out our rebranding news for more information.