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Binance Coin (BNB) is one of the most successful cryptocurrencies in the market today. It is the native token of the Binance exchange, which is currently the largest cryptocurrency exchange in the world in terms of trading volume. In this article, we will take a closer look at the history of Binance Coin and its impact on the cryptocurrency industry.

Binance and the Launch of Binance Coin

Binance was founded in 2017 by Changpeng Zhao, a Chinese-Canadian entrepreneur who had previously worked as a software developer for several financial companies. Binance quickly became popular among cryptocurrency traders due to its low fees and wide selection of cryptocurrencies. Within a few months of its launch, Binance had become the largest cryptocurrency exchange in the world by trading volume.

In July 2017, Binance announced the launch of Binance Coin (BNB), its native token. The initial coin offering (ICO) for Binance Coin was held in July 2017 and raised $15 million in just two weeks. The total supply of Binance Coin is capped at 200 million tokens.

Use Cases for Binance Coin

Binance Coin has several use cases within the Binance ecosystem. First and foremost, it can be used to pay for trading fees on the Binance exchange. Binance offers a discount on trading fees for users who hold Binance Coin, with the discount amount decreasing over time. For example, users who hold Binance Coin receive a 25% discount on trading fees in the first year, a 12.5% discount in the second year, and a 6.75% discount in the third year.

In addition to trading fee discounts, Binance Coin can be used to participate in token sales on the Binance Launchpad platform. Binance Launchpad is a platform that allows blockchain projects to raise funds by selling tokens directly to the public. Users who hold Binance Coin are given priority in participating in these token sales.

Binance Coin can also be used to pay for other services within the Binance ecosystem, such as the Binance Academy, which offers educational resources on cryptocurrency and blockchain technology, and the Binance Charity Foundation, which supports charitable causes around the world.

The Success of Binance Coin

Since its launch, Binance Coin has been one of the most successful cryptocurrencies in the market. The value of Binance Coin has increased significantly over the years, from just $0.10 at the time of its ICO to over $600 in May 2021. Binance Coin is currently the third-largest cryptocurrency by market capitalization, with a market cap of over $90 billion.

The success of Binance Coin can be attributed to several factors. First and foremost, the popularity of the Binance exchange has driven demand for Binance Coin, as users seek to take advantage of the trading fee discounts and other benefits offered by holding the token. In addition, the Binance team has been proactive in developing new use cases for Binance Coin, such as the Binance Launchpad and the Binance Charity Foundation.

The Future of Binance Coin

The future of Binance Coin looks bright, as the Binance team continues to develop new use cases for the token and expand the Binance ecosystem. In March 2021, Binance announced the launch of the Binance Smart Chain, a new blockchain platform that allows developers to build decentralized applications (dApps) on top of the Binance network. Binance Coin is an integral part of the Binance Smart Chain, serving as the gas token that powers transactions on the network.