Binance Coin (BNB)
Market Cap $3.166 Billion (As of 4/28/2019)
Circulating Supply 141.175 Million BNB Coins (As Of 04/28/2019)
About BNB Coin
The BNB coin was launched in July 2017 by the Binance Exchange. The exchange is one of the top 5 cryptocurrency exchanges. The BNB Coin is a ERC20 token. The BNB Coin was launched through an Initial Coin Offering that raised $15 million in the process.
Function of BNB Coin
Unlike other coins, the BNB coin can not be mined, the only way to obtain the coin is through purchasing it. One of the main features of the coin is the ability of coin holders to get a discount for services on the Binance exchange. If your a cryptocurrency trader on the Binance platform, holding and paying for services using the BNB will get you a discount.
Controversy of the BNB Coin
When the BNB Coin was initially created and released, the white paper described that Binance would return 20% of the profits of the coin through a buyback and burn processing. Buying the coins and burning the supply taking them off them market. That feature was one of the reasons many investors purchased the coin. However, Binance recently updated their whitepaper and removed the buyback feature from their whitepaper.
The buyback feature was stopped and removed because it would turn the BNB coin into a security in the eyes of regulators in some countries accoring the Changpeng Zhao Binance CEO.
Buying BNB Coin
The BNB Coin can be purchased on the Binance exchange as well as on the following exchanges IDEX, DDEX, Gate.io The BNB coin can be purchased with other cryptocurrencies
As of 04/28/2019 The BNB Coin is up over 300% since the start of the year. Its also the only coin that has been able to surpass its 2017 high price and create an all time new high. Many analyst have predicted further gains for the coin. Demand for the coin is driven by the development of the Binance blockchain network along with increased trading activity.