Binance

Binance burns $24 million worth of BNB tokens allocated to team

July 12, 2019, 1:34AM EDT

Top cryptocurrency exchange Binance has just completed an eighth quarterly burn of its native token Binance Coin (BNB), according to a blog post on Friday.

The burn involves 808,888 BNB tokens (worth nearly $23.8 million) allocated to the Binance team. The team was allocated 40% of the total BNB original supply (i.e. 80 million tokens, worth about $4.2 billion), all of which will eventually be burned. 

Binance CEO Changpeng Zhao said that the exchange is now “committing to building the Binance ecosystem without getting any BNB from the initial allocation.”

The total supply of BNB will still be 100 million, Zhao said, adding that the current total supply of BNB is 189 million, meaning 89 million BNB still need to be burned. As the team is going to burn 80 million tokens, the remaining 9 million will be burned by the exchange itself, he said.

The CEO further added that the team will still likely continue to be one of the largest holders of BNB, as most of Binance’s revenues are in BNB, and the team is paid in BNB.

Zhao also held an Ask Me Anything (AMA) session today on Twitter’s live video streaming service Periscope, with some interesting announcements. He said that Binance will begin a testnet for futures market by the end of this month.

Binance Visa card is also in the pipeline, as the exchange is “actively looking” into it. However, listing security tokens is not on its radar as these are “very tricky,” and their definition is different in different countries.

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