(Last Updated On: December 16, 2018)

Basic Information

Address 0xb8c77482e45f1f44de1745f52c74426c631bdd52
Twitter Handle binance
Rate (in USD) 4.880913613
Market Cap (in USD) 638420157

Description

Binance Coin is the cryptocurrency of the Binance platform. It is a trading platform exclusively for cryptocurrencies. The name "Binance" is a combination of binary and finance.

Thus, the startup name shows that only cryptocurrencies can be traded against each other. It is not possible to trade crypto currencies against Fiat. The platform achieved an enormous success within a very short time and is focused on worldwide market with Malta headquarters. The cryptocurrency currently has a daily trading volume of 1.5 billion - 2 billion US dollars and is still increasing.

In total, there will only be 200 million BNBs. Binance uses the ERC20 token standard from Ethereum and has distributed it as follow: 50% sold on ICO, 40% to the team and 10% to Angel investors. The coin can be used to pay fees on Binance. These include trading fees, transaction fees, listing fees and others. Binance gives you a huge discount when fees are paid in BNB.

The schedule of BNB fees discount is as follow: In the first year, 50% discount on all fees, second year 25% discount, third year 12.5% discount, fourth year 6.75 % discount, and from the fifth year onwards there is no discount. This structure is used to incentivize users to buy BNB and do trades within Binance.

Binance announced in a buyback plan that it would buy back up to 100 million BNB in Q1 2018. The coins are then burned. This means that they are devalued to increase the value of the remaining coins. This benefits investors. In the future, the cryptocurrency will remain an asset on the trading platform and will be used as gas.

Other tokens that are issued by exchanges include Bibox Token, OKB, Huobi Token, and more.

White Paper – Key Points

Not Available

Supply Analysis

Estimated Available Supply 130799315

Correlation Metrics

Ethereum Correlation 0.0901843680089418
Bitcoin Correlation 0.94471519190854

Twitter Metrics

Follower Count 141044
Verified Follower Pct 0.00101372308716506
Investor Follower Pct 0.0151755859168142
Avg Follower/Friend Ratio 2.43386109195504
Avg List Count 5.31274113748808