Binance Coin was designed as the official currency to settle fees and other transactions within the Binance ecosystem.
Since it is an Ethereum ERC20 token, it can be traded at any Ethereum-compatible exchange.
Because of Binance’s popularity, BNB became a crypto asset on its own, being traded in high volumes even outside its intended environment.
BNB is currently traded at LBank, Exrates, P2PB2B, Trade Satoshi among other exchages.
Mineable? If so how is it mined?
Binance Coin is a non-mineable cryptocurrency.
In fact it’s an Ethereum-based token and most BNB reserves are held by Binance itself.
BNB Burn Events
Binance holds quarterly burn events where BNB tokens are removed from circulation.
BNB tokens are burned proportionately to Binance’s profits.
Token burning reduces BNB supply, naturally driving the prices up.
It is an incentive mechanism designed to share company profits with users via a decentralized token.
Although not a mining or staking mechanism, it is how BNB drives increasing value to investors.
Maximum Circulating Coins
Total circulating BNB tokens is limited to 200 million BNB
BNB was launched in a 2017 ICO, 11 days before Binance exchange.
Binance tokens are, therefore, older than the exchange itself!
The initial price was set a 20k BNB per Bitcoin.