The total amount of assets removed from circulation was 1,595,599 BNB, which is equivalent to $1.024 billion at the time of the procedure. After the procedure, the total supply of BNB was reduced to 139.3 million.
The destruction of coins is carried out within the Auto-Burn mechanism. Its goal is to reduce the asset's volume to 100 million. The amount of burning depends on the price of BNB and the number of blocks generated in the network over the quarter.
The venture firm YZi Labs, associated with former Binance CEO Changpeng Zhao, and 10X Capital are working on creating the BNB Treasury Company. In the future, its shares are planned to be listed on one of the American stock exchanges.
The goal of the initiative is to provide retail and institutional investors from the USA access to the BNB Chain ecosystem. According to representatives of 10X Capital, such users have limited opportunities for investing in BNB. The new structure will serve as a gateway between them and decentralized finance.
The project will be developed by a team of top managers, including Galaxy Digital co-founder David Namdar, former IT director of the CalPERS investment fund Russell Reed, and former Kraken director Saad Nadja.
The firm 10X Capital will act as the asset manager for the new company. To attract capital and purchase BNB, it has formed partnerships with Cohen & Company Capital Markets and Clear Street LLC. Previously, 10X Capital participated in the creation of a similar treasury company, Nakamoto (NAKA), whose shares are traded on Nasdaq.
The head of YZi Labs, Ella Zhang, noted that BNB Chain is one of the most widespread blockchain ecosystems. According to her, the expansion of institutional participation will benefit a wide range of users.
An announcement regarding the closing of the funding round is expected in the coming weeks.
Recall that in April, the developers of BNB Chain implemented the Pascal hard fork aimed at improving the EVM compatibility of the blockchain.
