Binance Coin is a crypto project launched in 2017. Their initial coin offering sold 100 million BNB tokens, which is 50% of the entire supply. Binance Coin started as an Ethereum blockchain project, but it switched to a custom Binance Chain. The supply of BNB in existence is shrinking, due to frequent coin burn events.
Binance is a crypto exchange platform, and Binance Coin is primarily used for trading fees on the exchange. Users can also use it to participate in initial coin offerings of upcoming cryptocurrencies.
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