Binance Burns Nearly $600M in BNB Tokens
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16 April
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Cryptocurrency exchange Binance has burned a total of 1,099,888 binance coin (BNB), which is approximately $571,941,760 as of press time. While the 15th burn is the largest one in terms of USD value, it is not the largest in terms of the cryptocurrency, when the exchange burned 3.6 million BNB.

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"People always told me BNB was undervalued, and I, of course, always biasedly agreed with their opinions," said Binance CEO, Changpeng Zhao.

Token burning is a common practice in the cryptocurrency industry. It is a deliberate action by the makers of the currency aimed at removing a specific number of coins from circulation. This may be due to several reasons, although it is mainly carried out in order to reduce inflation.

Binance Launches Trading of Tokenized Coinbase Shares

According to Binance, BNB is a cryptocurrency, which was created by the exchange back in 2017. It was first issued and launched during an Initial Coin Offering (ICO) crowdfunding event, which took place between June 26 and July 3. BNB was initially issued as an ERC-20 token (on the Ethereum blockchain). The initial total supply of BNB was defined as 200,000,000 coins, but due to the regular coin burning events like this one, the supply is gradually decreasing.

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