$BNB Binance Coin (BNB) is the native cryptocurrency of the Binance exchange, one of the world's largest cryptocurrency platforms. Launched in July 2017 during an initial coin offering (ICO), BNB was initially an ERC-20 token on the Ethereum blockchain before transitioning to Binance's own blockchain, the Binance Chain, in 2019. The coin was created to provide users with discounted trading fees on the Binance platform but has since expanded its utility. BNB can now be used for various purposes, including payment of transaction fees on Binance Chain, booking travel accommodations, entertainment, online services, and financial services. As of May 2024, BNB had a market capitalization of over $87 billion, ranking behind only Bitcoin, Ethereum, and USD Tether. Binance also conducts quarterly coin burns, using 20% of its profits to repurchase and permanently destroy BNB tokens, aiming to reduce the total supply and potentially increase the coin's value over time.