Binance finishes its 11th quarterly burn of BNB

By:
on Apr 18, 2020
Updated: Apr 28, 2020
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  • Binance just completed its 11th token burn, which is the largest one to date.
  • Binance burned nearly $52.5 million in BNB, and with this burn, 10% of BNB is now out of circulation.
  • The launch of new products increased its profits, allowing it to start burning more.

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The leading crypto exchange, Binance, just finished yet another quarterly token burn of its Binance Coin (BNB) token. The exchange’s move removed the equivalent of $52.47 million in Binance coin. This is 35.2% more than the amount removed in Q4 2019 — $38.8 million.

In fact, this burn is the largest that Binance has made to date. That includes the number of BNB tokens, as well as their USD value.

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Binance’s 11th token burn

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Binance’s token burns come as part of its program for controlling the number of tokens in circulation. So far, the exchange burned a total of 20.12 million BNB tokens, which is around $298 million.

This represents its 11th burn event, which brought the exchange to burning a total of 10% of Binance Coin’s total supply. The total supply itself sits at 200 million units.

Binance posted its own announcement of the event. The announcement says that the 11th burn represented business activity from the first quarter of 2020. During this quarter, Binance Futures became the largest crypto futures exchange in the world by volume, with a total of 24 perpetual contracts.

Binance also managed to maintain its position when it comes to spot trading. The exchange points out that it offers more than 600 trading pairs. At the same time, Binance made plenty of innovations, such as the introduction of multiple fiat-to-crypto channels.

Binance’s major progress in Q1 2020

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At this time, Binance offers 42 major fiat currencies, which users can deposit via direct bank deposits, credit cards, and more.

Binance then provided a list of all of its other achievements in Q1 2020. Some of these achievements include the launch of Binance Cloud, the global launch of Binance P2P, and the expansion of its Binance Broker Program. Also, the exchange introduced Binance Widget, it brought new innovations to the Binance Futures platform, and it acquired CoinMarketCap.

It also invested in South Korean BxB and Numbers, and it established a $50 million fund called Blockchain for India. Lastly, its charity arm launched a Crypto Against COVID project.

Historically, Binance only earned revenue from spot trading, but thanks to futures trading, lending, and P2P trading, the exchange started seeing bigger revenue. All of this allowed it to increase the amount of burned tokens in the 11th token burn.

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