Binance Finishes Fifth Quarter BNB Burn Worth $17 Million, Down 43% From Last Burn
Fifth Quarter Burn Finally Complete For Binance – Time For a Recap!
According to a recent Medium blog from Binance, their platform has seen the trading volumes in Q5 drastically plummet, in comparison with the previous quarter. As a result, they’ve brought in less profit, though the BNB token has kept a relatively stable price, though that has led the company to burn tokens. Binance said,
“For this quarter, the first one after a full year of operations, we will burn 1,643,985.16 BNB, or roughly US$17,000,000.”
The platform explained exactly how the quarter periods lined up, switching to natural quarters, saying,
“This means that Q5 ended September 30, therefore excluding the trading volumes between October 1 and 15 from the computation of profits and BNB burn. During the first half of October, the two weeks excluded from our profit and coin burn calculations, the market saw increased volatility and trading volume.”
Luckily for Binance, the most recent quarter has been pretty stable for both their platform and the rest of the market. Still, Binance noted,
“Regardless of the market conditions, we at Binance continue to work hard and focus on building better blockchain solutions.”
Binance isn’t just a basic cryptocurrency platform. Their goal is to promote financial freedom for users throughout their ecosystems, whether they are sharing information about blockchain technology or establishing partnerships for more services.
With the token burn specifically, Binance wrote,
“This overall mission also informed our decision to change our listing fee policy — making all listing fees transparent and donating all listing fees to charity. We are strongly supporting the use of blockchain for social good, through the Blockchain Charity Foundation (BCF), which has already done great work building partnerships with Malta President Marie-Louise Coleiro Preca and the United Nations Development Programme.”
Binance offered proof of the token burn by offering users the link to show the transaction. To view the transaction, visit https://etherscan.io/tx/0xc0fcb8186fc0bb4a37dda7960a7cd33b4d8b93ba6bfbac3ae6d7b50c7282b4ad.