#BinanceLATAM The history of Binance Coin is closely linked to that of the platform of the same name. In fact, the BNB token offers many advantages to its 'hodlers' (holders of the coin) when operating in that market. While Binance is an extremely popular platform in the cryptocurrency sphere, it is interesting to discover how it has managed to establish itself over the years in this environment, emerging as one of the most prestigious and highly valued markets.
The history of Binance Coin dates back to 2017, when the company opted for an ICO to raise funds to finance its development. To be precise, this campaign lasted from June 26 to July 3 with the sale of 100 million tokens, equivalent to 50% of the total supply. The price was 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB, around 11 cents at that time.
Initially, it was a standard ERC-20 token, meaning it operated deployed on the Ethereum blockchain. However, among the platform's plans was to have its own blockchain, Binance Chain.
An increasingly popular platform
The Binance platform was launched to the public at the ideal moment, that is, during the cryptocurrency boom in the summer of 2017, a frenzy that would continue until the end of that same year. At that time, the demand for digital assets from users was enormous, and platforms dedicated to cryptocurrency trading were overwhelmed with the influx of new clients.
This allowed Binance to take a share of the pie, something that probably would not have happened if market conditions had stagnated, basically because users would likely have continued trading in the usual markets instead of trying out a new platform.
However, investors quickly realized that Binance was a very comfortable, intuitive, visually appealing platform that was easy to use and had very low transaction fees, at 0.1%. Additionally, holding BNB tokens further reduced these transaction costs, which propelled the company to the top positions, displacing its competitors.
By Thomas A.