Bitcoin, Cryptocurrency And Blockchain News

Binance Burns 2 Million Tokens in its Third Quarter


Hong Kong-based cryptocurrency exchange Binance burned $30 million’s worth of BNB tokens on April 15th, as per their repurchasing plan in the whitepaper. The first event took place in October 2017, and the second one in January 2018, where 986,000 BNB and 1 million BNB were burned respectively.

The repurchasing plan states that after every three months, Binance will buy BNB using 20% of their profits. They will then burn these tokens and continue the tradition until 100 million BNB are wiped out from the system. Only 100 million BNB will be left for the crypto community following the completion of the plan.

Binance also posted highlights from this month including being listed as the number one exchange on Coinmarketcap. The exchange hosts a total of 122 tokens and coins such as Bitcoin, Cardano, Ethereum, Ripple and NEO. It has also added Stellar, Wanchain, Qlink, Syscoin and WePower this month. Binance Info, which provides real time token prices and details, has successfully listed 490 coins on the website. Additionally, the company recorded $150 million profit in the third quarter.

Last month, Binance announced that it was working on creating its own blockchain. It would allow “transfer and trading of blockchain assets” and construct ways for the “future flow of blockchain assets”. It was also announced that the company was opening offices in Malta, which would give job opportunities to 200 people. “After reviewing a proposal bill, we are convinced that Malta will be the next hotbed for innovative blockchain companies, and a centre of the blockchain ecosystem in Europe. Binance is committed to lending our expertise to help shape a healthy regulatory framework as well as providing funds for other blockchain start-ups to grow the industry further in Malta,” said CEO & Founder, Zhao Changpeng.

Despite burning the tokens and other successful events, Binance Coin dropped by 6.65% in the last 24 hours. Currently, BNB is valued at $12.18 with a market cap of $1 billion.