How BNB worksīNB can be freely sent between crypto wallets and used as a payment method. Moreover, BNB’s fully diluted valuation at the time stood at over $100 billion. Consequently, BNB price rallied from under-$50 to an all-time high of $690.93 on (an increase of 460520% from the BNB ICO price). However, in the month of May 2021, the entire crypto market witnessed a major uptrend, with many cryptocurrencies registering new all-time highs. Even during the market-wide crypto bull run of 2017-18, BNB's all-time high price was only $24.71 (in January 2018). However, the increase in BNB USD price was slow in the start, where it remained well under $50 between 2017 and early 2021. With Binance’s rapid rise in the crypto industry, its native coin BNB has also witnessed significant value appreciation over the years. The BNB coin is at the heart of this ecosystem and BNB price has followed the exchange's growth. Powering this exchange is an entire ecosystem of offerings such as margin trading, P2P trading, swap farming, crypto derivatives trading, Binance Launchpad, Binance DEX, staking services, liquidity farming, NFT marketplace, and crypto loans. įounded by Chanpeng Zhao - popularly known as CZ - and Ye Hi, Binance is one of the largest crypto exchanges in the world in terms of daily trading volume. Whilst Binance Coins were initially released as ERC-20 tokens on the Ethereum blockchain, they were swapped in 2019 to BNB coins on the Binance Chain, which has since merged with the Binance Smart Chain (BSC) to form the BNB Chain. Today, Binance Coin (now BNB) facilitates discounted crypto trading on Binance alongside giving holders access to the exchange's launchpad and various other products and services. Launched in mid-2017 through an ICO (Initial Coin Offering) valuing each token at $0.15, BNB was used to raise funds for the marketing and development of the Binance cryptocurrency exchange. Short for ‘Build and Build’, BNB, formerly known as Binance Coin, is the native cryptocurrency of the Binance ecosystem.
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