According to CoinMarketCap, there are over 5,400 cryptocurrencies listed globally. All of them have varying levels of utility and fulfill different functions. For example, Bitcoin (BTC) is a global cryptocurrency, while Tether (USDT) is a stable coin.
In this article, we’ll unpack the features and utility of Binance Coin (BNB). Many exchanges list tokens that customers can use on the exchange to fulfill certain transactional duties. Think of it as an incentive program offered by a credit card company.
A credit card company might offer you frequent flyer miles for using their payment platform. It’s the same with crypto exchanges; they also run the model of using platform tokens to help you reduce your transactional costs on the platform.
Binance Coin (BNB) is the token from the Binance crypto exchange. Binance is possibly one of the most successful all-round exchanges. It’s the third-leading exchange in terms of liquidity, and one of only four exchanges with reserves over $70-billion.
Binance also does more than $5-billion in daily volume on its trading platform and provides customers with access to over 600 crypto markets. The platforms token, Binance Coin, trades under the ticker symbol BNB. This token runs on the Ethereum Blockchain with ERC-20 standard protocols and a maximum limit of 200-million BNB tokens available.