Binance is a cryptocurrency exchange that has enjoyed popularity since its fairly recent launch in 2017 due to its low trading fees and fast transaction processing. Being a global exchange, it also offers a wide selection of altcoins. At present, it has risen to the top ranks among exchanges by trade volume.
Binance Coin (BNB) is an ERC20 token on the ETH blockchain that is issued by Binance to fuel its ecosystem. BNB was launched during the company's ICO in July 2017, with 100 million tokensShow more [+] ld to the public (out of a total 200 million). Binance plans to eventually reduce the total supply by half by way of buying back and burning a portion of the remaining public supply each quarter using 20% of the company's profits.
BNB can be used to pay for fees within the exchange at a discounted rate, which starts at 50% on the first year and decreases as Binance buys back half the tokens in supply. BNB is also paired with multiple currencies on Binance's exchange platform, giving it value as a medium of exchange. At the time of this writing, BNB sits among the top ETH tokens by market cap.