Posted 9 months ago | by Ben Armstrong
Binance Runs its Quarterly BNB Burn as CEO Shares 3-year Review
The platform has been expanding its features and reaches at an increasing rate in the last months while keeping a watch on its coin’s value and existing services. To rake advantage of the stability and increasing benefits Binance has to offer traders, make sure to click here and sign up.
Burn BNB Burn
Coin burning is the process of removing a network’s tokens from circulation and reduce the total supply to prevent the inflation of the currency, equating the share buyback process seen with stocks.
In this month’s burn, a total of 3,477,388 BNB were burned as a result, making it the biggest BNB ever recorded and representing trading activity across Binance spot, margin, and futures exchanges.
This activity goes from April to June of 2020, a quarter that represented some important milestones for the exchange such as the launch of Binance Options, the offering of Binance Leveraged Tokens, BUSD being one of the top 5 stablecoins in the crypto world, and the acquisition of Swype and launch of the beta for the new Visa Card.
Binance also created important partnerships with big names in the crypto industry like Bit pay, BitTorrent, and Brave Browser, promoting further adoption of crypto in daily life.
Binance is Celebrating its Third Birthday
Despite its status as one of the biggest exchanges in the world and the myriad of services it offers, Binance is just three years old at this time.
The exchange has experienced great success through the hard work of its team and the diverse culture the company possesses, which has enabled it to overcome obstacles at different points.
CZ referred to the company’s strategy when it comes to these obstacles as follows:
“Many of the ‘strategies’ were simply how we choose to deal with challenging situations being put in front of us. We had to make tough choices, decide what’s important to us, and what to give up, based on our core values. Sometimes, this can include giving up 40% of the cash reserves and moving to a different city at the same time. In good or bad times, we stick with our core value of protecting our users.”
After these first three years, Binance has gotten to a point where it offers support for 218 tokens and 616 trading pair on its spot exchange, 40 tokens and 87 trading pairs for isolated margin mode, and 29 tokens and 65 trading pairs for cross margin mode
The platform has also connected with its users via its Twitter, Telegram, Facebook, Instagram, and YouTube pages with a total of 2,454,000 connections, making it one of the biggest organizations in the crypto ecosystem.
The growth that Binance has experienced over these 3 years is a testament to the potential cryptocurrencies hold and the increasing interest in adoption and use by people previously oblivious to them, with CZ being positive about the future of crypto being positive - “In these volatile times”.
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