Binance burns $24 million worth of BNB tokens allocated to team

Binance | BNB | Burn | Cryptocurrency

Binance | BNB | Burn | Cryptocurrency

The team will burn their own tokens first. Binance Coin has a total market capitalization of $4.14 billion and approximately $243.70 million worth of Binance Coin was traded on exchanges in the last 24 hours.

On Friday morning, July 12, the crypto exchange with the highest impact on the industry, Binance, issuing a blog post, saying that another portion of BNB had been burned with nearly 809,000 BNB eliminated.

So, from the announcement, we can expect that the exchange is aiming to have only 100 Million BNB in circulation.

CZ mentioned that this is the first time the team had ever used their BNB - for giving them up for the token elimination.

"According to the Binance whitepaper, 40% of the total BNB supply (80,000,000 BNB, now worth about US$2,400,000,000) was allocated to the Binance team, as a reward to the work they have put into building the Binance ecosystem".

As reported by BTCManager earlier in May 2019, in a bid to equip its potential margin traders with the skills needed to mitigate the inherent risks, the Binance team published a blog post explaining the nitty-gritty of margin trading.

In total, around 808,888 BNB will be burned this quarter which is valued at close to $24M. The company intends to reduce this figure to 100 mln by conducting quarterly burns. All BNB that the team will hold thereafter will either be earned through the exchange services or purchased with its own money.

According to Binance, the exchange raised $15M worth of cryptocurrencies during its ICO. The firm further adds in a blog post on the burn, that token is allocated as a "reward to the work they have put into building the Binance ecosystem".

This move from CZ may help Binance scale even greater heights than what was deemed possible. We are here on a mission.

Binance token burns are usually preceded by a significant price spike. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Binance Coin using one of the exchanges listed above. BeInCrypto is an independent website with authors and management that may personally invest in cryptocurrencies or blockchain startups.

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