Binance Exchange Announces It Burned 829,888 BNB Coins, Seventh Token Burn in All
Binance announced that they have performed the 7th burn of Binance Coin (BNB). In a recent blog post, the popular cryptocurrency exchange mentioned that they are burning 829,888 BNB coins, close to $15,600,000.
7th Binance Coin Burn
Binance, one of the largest exchanges in the world, uses 20% of its profits every single quarter to buy back BNB coins and burn them. This reduces the total supply of coins in the market, which could have a positive effect on the price of the digital asset.
In this coin burn event, Binance burned the smaller amount of BNB ever. This is due to the fact that the price of BNB keeps growing as time passes. The last quarter of 2018, Binance burned 1,623,818 BNB with $9,400,000.
As it is possible to see in the market, the digital currency performed positively in the last few days. Some people said that was due to the fact that Binance was performing this coin burn.
In the report released by Binance, they mentioned that Binance Coin has been growing even when Bitcoin remained stable. As they mentioned, this is due to the fact that they kept building all throughout 2018 and 2019, even when there was a very hard bear market in the space.
Furthermore, they wrote that they have also brought the Launchpad back to life during the first quarter of this year. As the blog post reads, the goal was to keep bringing new good projects to the market.
About it, they wrote:
“Our goal has always been to help good projects grow. This is important because, as more and more solid projects grow, our industry will see newer heights and become stronger at the core, which in turn will be better for everyone in the ecosystem, including ourselves.”
With the Binance Launchpad, projects can release their coins to the market and gather funds to develop their products and services. Compared to an Initial Coin Offering (ICO), Initial Exchange Offerings (IEOs) are analysed by exchanges before being launched to the market. At the same time, the number of coins released to the market is much less than with a traditional ICO.
Binance explains that they conduct robust due diligence on tokens, projects and also the teams that want to launch their tokens through the Launchpad. The exchange clarifies that the Launchpad is not a platform to increase the price of a coin 10 times in a short period of time. They have built the platform in order for companies to be able to gather funds.
There are three other things that Binance released in this blog post. They said that they are now testing the Binance DEX platform and that they have been running a large number of tests with it. The firm wants to launch the mainnet as soon as in April.
Moreover, Binance is also working on other fiat exchanges. They have already launched Binance Jersey with Euro (EUR) and British Pound (GBP) support with Bitcoin (BTC) and Ethereum (ETH). They will also be releasing Binance Singapore this month as well. In the future, other exchanges could be released to the market in other regions. Binance also has an exchange in Uganda.
Finally, with just 1 BNB, it is possible to help a child and provide him with three months of launch.
At the time of writing this article, Binance Coin is being traded around $19.18 and it has a market capitalization of $2.7 billion.