Binance burned BNB tokens on $480 million – Bits Media

The largest cryptocurrency exchange of Binance has conducted a quarterly burning of BNB tokens. Market value 2 million destroyed tokens is $480 million.

The process of burning tokens went through the Auto-Burn and Pioneer Burn programs.

"Auto-Burn provides objective and Independent verification process. The numbers are reported quarterly and the mechanism does not depend on the centralized Binance exchange ", - the representatives of the exchange itself assured.

In total, the company collects burning 50% general proposal of tokens to achieve volume in 100 million BNB. The next reception, after some time, the exchange is going to burn a new portion of more than 2 million tokens on $512 million.

BNB token is now trading at the mark $241,8, They say Coingecko data.

BNB was launched in 2017 year on the Ethereum blockchain. After the launch of Binance Smart Chain, tokens were transferred to this network. It was originally released 200 million BNB, However, with the help of quarterly combustions, the exchange gradually reduces the number of available coins to 100 million. The number of tokens burned is determined by the volume of trading on the Binance exchange. Considering, that now the lion's share of cryptocurrency transactions is being made on the site, the volumes of BNB burned are constantly growing.

In January, Binance destroyed 2.06 million BNB in ​​the amount of $575 mln.

Recently, the BNB token prospects have been published on Bits Media.