What is BNB? Take a look as Binance Chain Coin price rises again while top cryptos fall

BNB Price News | What is BNB? Binance Chain Coin Details Cryptocurrency Investors Should Know – Explained

What is BNB
BNB price has increased in the last 48 hours. Image source: Binance Academy

What is BNB? Even as the prices of almost all top cryptos, including Bitcoin and Ethereum, have fallen over the day, BNB is still in the Green. In fact, data on CoinGecko, shows BNB price jumped over $336 at around 10 pm on Monday, rising around 6 per cent intraday from $317 recorded at 8.04 am.

In the last 7 days, BNB price has increased by 9 per cent. In the one year time-frame, BNB price is 24.4 per cent higher than what it was on the same day last year, according to data on CoinGecko.

At the time of writing this today (May 24, 8 am), BNB was trading above $324. It was also the only top crypto in the Green while all others were in the Red. On Indian Exchange WazirX, BNB price was Rs 26,571 at the time of writing.

What is BNB?

BNB is the native coin of BNB Beacon Chain (former Binance Chain) and BNB Smart Chain (former Binance Smart Chain).

BNB was launched through an Initial Coin Offering between June 26 and July 3 in 2017 at an issue of 1 ETH for 2700 BNB or 1 BTC for 20000 BNB.

BNB Academy website says that even as BNB was launched through ICO, it doesn’t provide BNB owners a claim in the profit of Binance, or it does not represent an investment in Binance.

BNB Forms

Currently BNB is available in three different forms:

  • BNB BEP-2 on BNB Beacon Chain
  • BNB BEP-20 on BNB Smart Chain
  • BNB ERC-20 on Ethereum network.

BNB had hit an all time high of $686.31 on May 10, 2021.

As per the official Binance Website, BNB is the “cryptocurrency coin that powers the BNB Chain ecosystem.” It is one of the most popular utility tokens. Users can trade BNB like any other crypto. They can also use it in a wide range of applications and use cases.

ALSO READ | Will crypto rise again in 2022 after crash?

Binance is also one of the biggest global crypto exchanges based on daily trading volumes. Binance ecosystem includes functionalities like Binance Chain Binance Smart Chain, Binance Academy, Trust Waller and Research Projects that use the power of blockchain and aim to bring new age finance to the world. BNB is an integral part for the functioning of many of the projects in Binance Chain ecosystem.

BNB Use Cases

According to the Binance Academy website, BNB has several use cases in the BNB Chain ecosystem, such as:

  • Traders can use BNB on Binance Exchange for paying reduced trading fees.
  • BNB can also be used to pay trading fee on Binance Decentralised Exchange (DEX).
  • BNB can be used for paying transaction fees on BNB Beacon Chain and BNB Smart Chain.
  • With BNB, users of Binance Card of Binance Pay can pay for goods and services for both online and offline in-store purchases.
  • On Travala.com, users can use BNB to book hotels and flights.
  • With BNB, users can participate in token sales hosted on Bianace Launchpad.

(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)

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