BNB, also known as Binance Coin, is a cryptocurrency developed by Binance – one of the world’s largest crypto exchanges. Originally launched as a tool to pay trading fees on the platform, BNB has since grown into a central component of the entire Binance ecosystem. Today, it is used in everything from decentralized applications (dApps) to payments, token launches, and NFT marketplaces. The cryptocurrency is built on Binance Chain and Binance Smart Chain, enabling fast and cost-efficient transactions. BNB uses the consensus mechanism Proof of Staked Authority (PoSA), a combination of Proof of Stake and Proof of Authority.
The total supply of BNB (Binance Coin) was initially 200 million tokens. Binance aims to reduce this number to 100 million through a combination of quarterly Auto-Burns and real-time burns according to the BEP-95 protocol. Currently, there are approximately 145.9 million tokens in circulation. This number is gradually decreasing through the mentioned burn mechanisms.
BNB is widely used within the Binance ecosystem – for paying fees, receiving discounts, participating in launches on Binance Launchpad, and interacting with decentralized applications on Binance Smart Chain (BSC). Its technical infrastructure also allows BNB to be used for smart contracts and transactions within DeFi projects. Remember to always buy BNB and other cryptocurrencies through regulated platforms like Safello.
A technologically advanced cryptocurrency
BNB’s strength lies in its technical foundation – especially Binance Smart Chain, which combines speed with low fees. BSC is compatible with the Ethereum Virtual Machine (EVM), meaning developers can build dApps and smart contracts with high efficiency. The possibility to buy and sell BNB on numerous exchanges, combined with its role in a rapidly growing ecosystem, makes it an attractive digital asset for the future.
The current BNB price is primarily influenced by activity within the Binance network, demand in DeFi, and token burns. Technical updates and partnerships in the crypto space are also significant factors that directly affect the current price. Additionally, regulations, market psychology, and the general interest in blockchain technology all play an important role in how the BNB price evolves over time.
Get started with 3 easy steps
Download the Safello App
Login with Mobile BankID
Select which cryptocurrency you want to buy and pay easily with direct payment