BNB (BNB) Reaches 1-Day Volume of $922.28 Million

BNB (BNB) traded up 2.8% against the US dollar during the 24 hour period ending at 9:00 AM ET on September 23rd. In the last week, BNB has traded up 1.2% against the US dollar. One BNB coin can currently be purchased for approximately $273.19 or 0.01440770 BTC on exchanges. BNB has a total market capitalization of $44.07 billion and approximately $922.28 million worth of BNB was traded on exchanges in the last day.

BNB Profile

BNB (CRYPTO:BNB) is a BFT coin that uses the BEP-2 hashing algorithm. It launched on June 27th, 2017. BNB’s total supply is 161,337,261 coins. BNB’s official Twitter account is @binance and its Facebook page is accessible here. The Reddit community for BNB is /r/binance and the currency’s Github account can be viewed here. BNB’s official website is www.binance.com.

According to CryptoCompare, “BNB powers the Binance ecosystem and is the native asset of the Binance Chain. BNB is a cryptocurrency created in June 2017, launched during an ICO in July, and initially issued as an ERC-20 token. Designed to be used for a fee reduction on the Binance exchange, its scope was extended over the years. BNB powers the Binance Chain as its native chain token. For instance, it is used to pay fees on the Binance DEX, issue new tokens, send/cancel orders, and transfer assets. BNB is also powering the Binance Smart Chain, which is an EVM-compatible network, forked from “go-ethereum”. It supports smart contracts and relies on a new consensus mechanism: Proof-of-Staked Authority (PoSA) consensus (“Parlia”), which incorporates elements from both Proof of Stake and Proof of Authority. BNB is used for delegated staking on the authority validator, leading to staking rewards for users and validators. Besides its on-chain functions, BNB has multiple additional use-cases such as fee discounts on multiple exchanges (e.g., Binance.com), payment asset on third-party services, and participation rights & transacting currency on Binance Launchpad. At the core of the economics of BNB, there is a burn mechanism leading to period reductions in its total supply (~ every three months). From its initial maximum supply of 200 million, burns are expected to continue until the supply reaches 100 million. Telegram | Facebook | Instagram | YouTube Whitepaper”

Buying and Selling BNB

It is usually not possible to buy alternative cryptocurrencies such as BNB directly using U.S. dollars. Investors seeking to acquire BNB should first buy Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Gemini, GDAX or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to buy BNB using one of the aforementioned exchanges.

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