The company has launched two digital currencies that it developed itself: Binance Coin (BNB) and Binance Dollar (BUSD). BNB was launched in July 2017, initially starting as an Ethereum token and later transitioning to the Binance Smart Chain (BSC), which was launched in September 2020. BSC later merged with the older Binance blockchain and was rebranded as the BNB Chain. The BNB Chain operates using "Proof of Staked Authority," which is a balance between Proof of Stake and Proof of Authority. It has 21 approved validators. As of 2021, Binance Coin was the cryptocurrency with the third highest market capitalization. Binance allows its users to pay fees on its platform using BNB.