Like Ether for Ethereum, BNB is now the native asset of two interlinked blockchains and has to be spent for every transaction made on these blockchains. Watch the video: Binance: The Creation Of A Crypto Trading PlatformĪfter the launch of their own blockchains, Binance Chain in 2019 and Binance Smart Chain in 2020, BNB now has an additional, fundamentally different use case as gas. Watch the video: Binance: Enabling Access To All On The Digital Frontier From then on, the BNB coin was Binance Chain’s native cryptocurrency. The other half of the coins were sold to angel investors (10%) or remained with the founding team (40%).Īlthough initially launched on the Ethereum blockchain as an ERC-20 token, in April of 2019 the tokens were swapped on a 1:1 ratio onto the newly launched Binance Chain. The token sale offered 100 million tokens, which represents 50% of the total BNB supply, for a price of around $0.11 USD per coin. The company was founded in 2017 in Hong Kong, but soon after moved its operations to multiple locations around the world such as Malta and the Cayman Islands in response to China’s tightening regulations on cryptocurrencies.īinance Coin was first launched as a token on the Ethereum blockchain during an initial coin offering (ICO) in July 2017. The name ‘Binance’ has a simple origin, it is simply a combination of the words ‘Bitcoin’ and ‘Finance’. Binance Coin was created in 2017 by Binance, which is currently the leading cryptocurrency exchange worldwide.