BNB, originally known as Binance Coin, is the native cryptocurrency of the Binance exchange, one of the largest cryptocurrency exchanges in the world. Launched in 2017, BNB was initially created as a utility token to pay for trading fees on the Binance platform, offering users discounts when utilizing it for transactions. Over time, the functionality of BNB has expanded significantly.
BNB now serves multiple purposes within the Binance ecosystem, including being used for various applications like token sales on the Binance Launchpad, payment for transaction fees on Binance Smart Chain (a decentralized blockchain that supports smart contracts), participating in Binance’s staking programs, and across various decentralized applications.
In addition to its utility on Binance’s platforms, BNB has gained traction as a tradable cryptocurrency on numerous exchanges and has been employed in various financial products and services, contributing to its increasing utilization in the broader cryptocurrency market.
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