Binance Plans to Burn Its Team’s Entire Supply of Binance Coin (BNB)
— Binance (@binance) July 12, 2019
According to a recent blog post, Binance plans to relinquish the BNB tokens allocated to its core team, which currently equates to 40% of the total BNB supply — 80,000,000 BNB, currently worth about $2,400,000,000.
The new commitment comes as Binance finishes its eighth quarterly BNB token burn, which removed 808,888 BNB (roughly $23.8 million equivalent) from Binance Team tokens. This accounted for around 0.43% of the total supply.
Binance also recently launched its new margin trading service. The exchange now has enabled margin trading for Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Binance Coin (BNB), Tron (TRX) and Tether (USDT) with up to 3x leverage.
Image: Marco Verch / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.