Binance Coin (BNB) with a current market capitalisation of close to $40,000,000,000 has seen an increase in its value from $130 to over $250 for one Binance Coin (BNB), as at the time of this writing it has been fluctuating between $250 and $285. It is currently the third most sought-after cryptocurrency after Bitcoin and Ethereum.
Binance is originally a platform that allows the exchange of cryptocurrencies such as the world-famous Bitcoin (BTC), Ethereum (ETH), Dogecoin, and a host of other coins as long as they are in the general market capitalisation. Binance is currently the world’s biggest cryptocurrencies exchange platform and has over 100 million users in 180 countries and about 184 tokens traded on the platform (as at January 2021, the platform had only 15 million users as at December 2019).
Binance Coin (BNB) is the exchange platform’s own coin and recently, it has attracted quite a lot of interest.
The word ‘Binance’ is a combination of words ‘Binary’ and ‘Finance’. This clearly explains what the platform is all about.
Binance Coin was introduced as an intermediary coin, to be used to pay for transactions when exchanging money from one cryptocurrency to another. The holding company that runs the Binance exchange platform is called Beijie Technology, was founded by Chang Peng in 2017 and has its headquarters in Hong Kong.
The founder alongside his team worked hard to boost the growth of the crypto platform into what it is now. The Binance Coin was created to fund the creation of the exchange platform through an initial coin offering. This lasted for about a month and the company was able to raise $15 million which was used to cater for the company’s expenses.
The BNB Coin was initially used to pay for all transaction costs incurred on the digital platform. It was an innovative idea because people embraced it and used it to pay for transactions on the platform. Users were given a 50 percent discount when they used BNB. This pushed users to purchase more cryptocurrencies on the Binance platform.
The platform and the BNB Coin has seen steady growth since its inception in 2017. Binance Coin stands at the coveted spot of number three on the cryptocurrency market capitalisation. Binance Coin is also one of the cheapest cryptocurrencies to invest in if price, popularity and potentials for growth are the factors you consider for investing in cryptocurrencies.
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Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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