Bitcoin, Crypto currency, Blockchain

At the stake: Binance BNB-Token-burn

30d4fff8eb6c0954da61720724a2eb5c - At the stake: Binance BNB-Token-burn

Binance on 15. April is known to use 20% of the Profits from the last quarter, the own BNB tokens to buy back. The goal is to increase the price of the Token. This buyback is the third in the history of the company.

The trading platform for crypto-currencies Binance went on 14. July 2017 to the market. Since then, she has risen to become the largest Exchange in the world. Favored by the registration lock of the competitors Bittrex, the number of users for Binance increased so dramatically that it is a candidate for the fastest growing companies in the world.

The NBB-Token strategy

On the platform of a Token, the NBB-Token does not exist, with which users of up to 50% discount on their fees. The NBB-Token runs as a ERC20-Token on the Ethereum network. Furthermore, plans for a Blockchain in space.

The White Paper describes the strategy on the tokens: The total amount of Token is 200 million – half of retained Binance. The other half (100 million BNB-Token) were distributed to the ICO. Each quarter would put the company 20% of the Profits in the purchase of the ICO-Token. These repurchases will only stop, if only 100 million BNB-tokens are in circulation. The purchased tokens are “burned”, so on the transaction irrevocably to Nothing sent. This reduces the entire quantity of money and increases (equal to demand) remain the price.

Binance follows the predetermined schedule

The youngest Token buy-back was at 15. April known, and burned a good 2 million BNB-Token. Binance follows the White Paper specified in the schedule. 15. October 2017, the company announced for the first Time, the planned reduction in the quantity of money. Three days later, followed up by deeds. The second Token-buying it announced on may 15. Of January 2018 and completed it three days later. The announcement is not surprising, but confirms the current schedule of the platform. The most recent transaction, burned BNB-Token to the value of approximately 30 million US dollars.

The rigorous and timely procedure acts professionally, especially in the still quite unprofessional crypto-world. For Many Binance turned out to be quickly as a trading platform of trust. A unique feature is the Know Your Customer requirement (KYC), which is applicable only when you Exceed the Lifting Limits of two Bitcoin per day. Also, the ambitions of a decentralized Exchange (DEX) bring hope for a future-oriented business model.

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