Description for currency
Binance Coin is a token based on the Ethereum platform. This cryptocurrency is a product of the Binance cryptocurrency exchange and is used inside the exchange to receive discounts on commissions when trading cryptocurrency pairs. In the future they plan to launch DEX Binance, where this token will be used for other, more advanced services.
The company immediately released 200 million tokens, and each quarter buys BNB tokens for 25% of the profits and burns these tokens. The company will continue such actions until just half of all tokens remain - 100 million. The launch of the BNB token and the Binance Exchange took place in July 2017 with funds raised as a result of the ICO (collected $ 15 million). The CEO of the company Changpeng Zhao has a solid experience behind him: technical director at Blockchain.info and CTO at OKCoin.