The most significant cryptocurrency exchange in the world by volume, Binance, announced that the eighth Binance Coin (Team’s BNB) token burn is about to end and to follow the burning tokens assigned to their team. On Friday, July 11, the crypto exchange announced that the burn (a technical term for the destruction of tokens) comes in line with its white paper. According to a post published on the blog, the company declared that the team’s BNB tokens were given as a reward for the work those team members invested in building the Binance ecosystem.
Team’s BNB token supply is 40% of the total bid
According to the company’s announcement, a total of 808,888 tokens (a value equal to or greater than $ 23.7 million during press time) were assigned to Team’s token for incineration at that event. Team’s token burn is part of the company’s commitment to burn a total of 100 million Binance Coin tokens and that the team’s offer is 40% of the total bid.
At the time of issuing this press, Binance Coin is about 5% lower on the day and the value of $ 29.37. The current total market capitalization of Binance Coin (BNB) amounts to $ 4.1 billion, making it the sixth-largest currency in the world by value.
Team’s BNB burn schedule
The total offer of the token will still be 100,000,000 BNB. The current total bid of the BNB amounts to 189,000,000 BNB, which means that another 89,000,000 Binance Coin still wait to be burned. The first burn is for 80,000,000 team’s BNB and the remaining 9,000,000 of them will be burned at Binance.com exchange.
CZ: The future has come
As announced at the end of June, about $ 1.2 billion in the Binance Coin tokens or the Binance Coin was transferred for a time of 1.1 seconds with a fee of $ 0.015 to Binance Chain. CEO of Binance, Changpeng Zhao, known under the nickname CZ, said that he thinks that the future is here. Bitfinek is the second crypto exchange that announced it would burn its tokens, which will see that parent company iFinek has changed its gross revenue to buy tokens at market prices to destroy them.
CZ further stated that Binance still generates revenues and is a profitable organization. They pay them to the Binance Coin, a little by little.