BNB to GBP Live Price Converter

Binance Coin (BNB) is a cryptocurrency that was created by the Binance crypto exchange and trading platform. The coin follows the ERC20 technical token standard and runs on the Ethereum blockchain.

Binance successfully raised $ 15 million through an ICO for BNB in July 2017. 10% of the total number of tokens (BNB 20 million) was offered to angel investors, 40% was given to the founding team (BNB 80 million), and the other half (BNB 100 million) was offered to users during the ICO.

Half of the ICO funds were allocated to branding and marketing, one-third to developing the Binance platform and ecosystem, and 15% was set aside for contingencies, as stated in Binance's whitepaper.

Binance's plan to repurchase and "burn" a portion of the token's 200 million circulating supply has had a major effect on the coin’s price. By burning BNB, Binance takes it out of circulation, raising the value of the remaining tokens.

Binance has promised to use 20% of its quarterly earnings to purchase back and destroy BNB until the quantity is reduced to 50% of its initial number (100 million BNB). In the interest of full disclosure, Binance posts all buybacks to the blockchain.

Bitsgap’s BNB converter is a good place to start watching the BNB market closely and following other crypto markets' live updates.