BNB (Binance Coin) is the native cryptocurrency of the Binance platform, one of the largest cryptocurrency trading platforms in the world. BNB was launched in 2017 through an initial coin offering (ICO) and is used to pay trading fees on the Binance platform with discounted fees, increasing its utility. Over time, the use of BNB has expanded to include applications in decentralized finance (DeFi), travel bookings, gaming, web 3.0 applications, and more.
BNB operates on the Binance Smart Chain, a blockchain network that supports smart contracts and is used to run decentralized applications. Binance also periodically burns (destroys) a portion of the coins to reduce supply and increase value in the long term.
BNB is considered one of the largest cryptocurrencies by market capitalization.