What Is Binance (BNB)?
Binance (BNB) is a popular cryptocurrency exchange that has aspirations to be a one-stop financial stop for all things currency. Essentially, it’s the closest blockchain project so far to an actual bank, and it’s pushing hard to get the regulatory approval from every country to be both a deposit and investment bank supporting both fiat and cryptocurrencies. Binance Coin (BNB) is the native cryptocurrency of Binance Chain, its proprietary blockchain.
Who Is Binance?
Binance was created in China in 2017 by Binance Labs, which since moved to Hong Kong. CEO Changpeng (CZ) Zhao is one of the richest people in cryptocurrency, worth an estimated $1 billion in 2018.
Use Cases of Binance
Binance is a popular cryptocurrency exchange and wallet. It also migrated off Ethereum to its own blockchain to help fund third-party development in April 2019. It currently has over 10 million active monthly users. The company also has a mobile app and distributes Binance Info cryptocurrency pricing.
How to Mine BNB
BNB is not mineable. Instead, it’s disbursed in a variety of ways and can also be purchased on the exchange. Hodling BNB gives you access to higher tiers of benefits. Using BNB to pay for transaction fees entitles users to discounts that increase with tier level.
Notable Binance Partners and Investors
The Binance Launchpad incubates blockchain projects using Binance Chain. Binance Labs invested $133 million for a 5% stake in Founder’s Bank, a Malta-based decentralized banking project. It partnered with BAM to launch a US-based exchange in 2019 as it winds down U.S. support for Binance.com in September 2019. Other partners include TrustToken, Chiliz, Cred, Verasity, Trust Wallet, and more.
Learn More About Binance
If you want to learn more about Binance, I wrote a full coin intro guide at Crypto Briefing. Or you can learn more about other cryptocurrencies across Thought for Your Penny.