Binance is turning into the most profitable crypto venture for otherwise bearish ICO investors.
The Chinese-turned-Maltese cryptocurrency firm recently noted its native token BNB’s market capitalization reaching $2.7 billion. At the same time, the BNB’s per token value touched $19.66, which was circa $6 less than its historical high from January 12, 2018.
Coin Burn on April 15
The BNB’s latest buying wave came ahead of its quarterly token burning event. In retrospective, Binance uses 20 percent of its fiscal quarter profits to buyback BNB tokens. Upon the purchase, the exchange sends the tokens to a non-retrievable ERC20 wallet. The move removes those BNB coins from circulation, thus reducing its overall supply. So far, Binance has performed token burn events six times, burning 5.41 percent of its total supply rate. The last coin burn took place on January 15, 2019.
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