Binance12th quarterly Binance coin burn event done. more than 3,477,388 BNB gone forever. it's worth 60 million $
The biggest crypto exchange Binance exchange announced on Friday its biggest coin burn quarterly event done successfully and this time Binance exchange burned more than 3477388 coins that worth more than 60 million $ that is biggest burned coin value in exchange coin burn event history.
The 12th quarterly burn is part of the exchange’s strategy to cut its supply in half to 100 million coins. Binance exchange's quarterly coin burns aim to reduce supply and in turn increase the price of the token. In its whitepaper, Binance says for burns it uses 20% of its profits to buy Binance Coin on the open market and burn them up to a maximum of 50% of its supply.
The burn didn’t boost the price of BNB. As it stands, the token’s value is down 1.51% in the past 24 hours, according to CoinMarketCap data. The price of BNB is currently worth $17.65.
Binance exchange's latest burn happened during the month of the exchange’s third anniversary. CEO Changpeng Zhao said in his announcement that he “can’t deny a proud feeling, not so much for our achievements, but for how hard our team has worked in the last three years to overcome many challenges.”
He listed the exchange’s latest achievements in the post, highlighting that Binance Futures maintained its status as a top crypto futures exchange and that fiat-to-crypto channels had been enhanced.
JULY 18, 2020
" for latest information client free news letter "