$ETH BNB also known as Binance Coin is a cryptocurrency created by Binance one of the largest cryptocurrency exchanges in the world BNB was originally launched on the Ethereum blockchain as an ERC20 token in 2017 but later migrated to Binance Chain its own blockchain BNB is used to pay for trading fees on the Binance exchange offering users discounts and incentives it is also used in a wide range of applications including token sales travel bookings entertainment and online services BNB plays a key role in the Binance Smart Chain which supports smart contracts and decentralized applications making it a vital part of the Binance ecosystem over time BNB has gained popularity due to its various uses including staking payments and investment BNB is also burned regularly by Binance to reduce its supply which can potentially increase its value the token has maintained a strong presence in the market and continues to grow in utility and demand