- Binance burn, which took place, represents activity across the Binance spot, margin, and futures exchanges.
- Binance uses 20 % of the quarterly profits to buy BNB and permanently burn it.
- The Binance coin also referred to as BNB is the cryptocurrency token, which has issued on the Binance platform.
Latest reports have come out which suggest that Binance, has completed its 10th quarterly burn, destroying 2,216,888 Binance Coins in the process. On converting, this becomes equivalent to 38.8 million USD worth of tokens.
10th $BNB Burn | Insights and Expectations for the Future of BNB
“This is the 2nd biggest burn in USD terms and the 3rd highest burn in terms of BNB. Moreover, the USD value of the BNB burn grew for a fourth consecutive quarter. ” – @cz_binance https://t.co/jsF0LxAxS2 pic.twitter.com/ShX3bvYFhP
— Binance (@binance) January 18, 2020
The BNB burn, which took place, represents activity across the Binance spot, margin, and futures exchanges.
Along with it, this burn also represents various solutions, divisions, and partners that have been using BNB, from the time between October and December in the year 2019.
Binance uses 20 % of the quarterly profits to buy BNB and permanently burn it. The Binance coin also referred to as BNB is the cryptocurrency token, which has issued on the Binance platform.
The latest coin burn, which took place, has also made its place in the list of the most significant coin burns in the US dollar terms, standing at the second position. Further, it is also the third biggest in BNB terms.
Currently, the cryptocurrency priced at $17.83 on major exchanges. The announcement regarding the coin burn made approximately three hours ago. However, the news has not managed to make an impact on the coin.
The burning of coins allocated to the team Binance. It does not from the circulating supply, and thus it is not necessarily a price-bullish event.
Per Binance’s white paper, 40% of the total BNB supply, which accounts to 80,000,000 has allocated to the team in the form of a reward for the work that has put into building the ecosystem. Previously in July 2019, the team had also announced that it would give up all of its allocations.
This 10th quarterly burn represents the first full quarter that has factored in the performance of their most recent new products. In the previous year, they had launched Margin Trading in July, Lending in August, and Futures in September.
In addition to this, they had also drastically increased their roster of the fiat-to-crypto options. This resulted in a more accessible platform for new users. The fourth quarter of 2019 is also considered the first full quarter of Binance Futures operations.
Something which merely began as a Bitcoin futures contract exchange has now, efficiently transformed into a platform which features nine perpetual contracts. Three of those contracts had launched just this week.
With all this already being done, it would be interesting to note what other things Binance has to offer to its users as the new year starts.