#XRPETF What is BNB Coin?

BNB (Binance Coin) is the native cryptocurrency of the Binance ecosystem, one of the world’s largest crypto exchanges. It was launched in 2017 as an ERC-20 token on Ethereum but later migrated to Binance’s own blockchain, Binance Chain and BNB Smart Chain (BSC).

Key Uses of BNB:

Trading Fee Discounts: Users get lower fees when paying trading fees with BNB on Binance.

Transaction Fees: BNB is used for gas fees on Binance Smart Chain.

Token Sales: It's used in token launches on Binance Launchpad.

Payments: Accepted by many platforms for booking travel, buying virtual goods, etc.

Burn Mechanism: BNB has a unique quarterly burn system, where Binance buys back and burns (destroys) BNB tokens, reducing the total supply and helping maintain its value over time.