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Binance destroys $760 million worth of its tokens

Binance destroys $760 million worth of its tokens

The cryptocurrency exchange proceeded with one more burning of its own tokens. The program will be terminated when a total of 100 million BNB is burned.

As reported on the Binance website the company announced the completion of its 19th quarterly BNB token burn. A total of 1.8 million BNBs worth $756 million (as of April 19) were destroyed. The Auto-Burn mechanism allowed for the withdrawal of the altcoin from circulation.

Binance announced the launch of the system in December 2021. Previously, the company used 20% of its profits to redeem and burn BNB. Currently, the network has an automatic token burning mechanism.

The algorithm is based solely on the Binance Coin price and the number of blocks mined per quarter. The higher the value of BNB, the fewer tokens will be removed from circulation. The program will be terminated when a total of 100 million Binance Coins are burned.

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Binance is the world's largest cryptocurrency exchange in terms of trading volume (about $2 billion daily). It was founded in 2017 by Changpeng Zhao, and in a couple of years, it has grown into an entire blockchain ecosystem representing the whole spectrum of cryptocurrency products and services. These include a decentralized exchange (Binance DEX), a public blockchain with fast execution (Binance Chain) with an add-on for smart contracts and Ethereum support (Binance Smart Chain), an infrastructure development fund (Binance Labs), an information website (Binance Info), a training center (Binance Academy), a research center (Binance Research), and a nonprofit organization for achieving sustainable development goals (Binance Charity Foundation).      

Trading volume: $27.9 billion.

Number of trading pairs (markets): 1643

Legal status: registered in the Cayman Islands

Fiat currencies: over 43 (including USD, EUR, CAD)

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