Binance Coin (BNB) is an ERC 20 token created by the leading cryptocurrency exchange, Binance. It was launched in July 2017 and has since become one of the most widely used digital tokens. Binance Coin is used to pay for fees on the Binance Exchange and functions as the native cryptocurrency of the platform.
It can also be used to pay for fees on some other exchanges that accept BNB. Unlike other cryptocurrencies, Binance Coin does not have its own blockchain but is instead built on the Ethereum network. This means that all transactions made with BNB are stored on the Ethereum blockchain and can be viewed by anyone using a compatible blockchain explorer.
Binance Coin can be bought and sold on many of the major cryptocurrency exchanges, where it often ranks by market capitalization ahead of major cryptocurrencies such as Ripple XRP. The coin also benefits from a range of utility features that give users discounts on surrounding fees and services, such as insurance coverage, payment tagging and listing fees.
In addition to its use on the Binance Exchange, Binance Coin’s utility is expanding rapidly, powering blockchain projects such as Chainlink, Ontology and a range of DeFi applications. Its utility has caused its price to rise dramatically in the past few years, making it one of the most successful crypto assets ever created.