What Is Binance Coin (BNB)?

Binance is currently the world’s second largest cryptocurrency exchange, with around $6 billion in assets traded in an average seven day period. Binance’s rise to the top has been swift. Since its launch in July of 2017, Binance has grown at a rapid rate. Even in the current bear market users continue to sign up with the exchange. Binance was one of the first exchanges to reactivate user registrations at the peak of the 2017 bull market.

Binance is also the name of a cryptocoin (BNB) traded and used on the Binance exchange. Since the ICO, the value of BNB has risen with the growth of the exchange. BNB is now among the top 30 cryptocurrencies in the world by market cap.

Binance Coin (BNB) is a coin that was issued through an ICO by the Binance in July 2017 before Binance Exchange opened for trading. Built as an ERC-20 token, BNB was initially used as a transaction fee for users based on the BNBs they hold on the exchange.

The advantages of BNB are not much different from other exchange coin projects, but it does have its benefits over other high transactions fee coins such as GDAX. BNB offers decentralised trades, so there are no limits associated with trading volume at all.