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Author Topic: [ANN]Binance has successfully completed the burn of over $71.5 million dollar.  (Read 84 times)
SlipMart
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April 20, 2018, 02:48:03 PM
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Binance has remain the top cryptocurrency exchange by trading volume, a fit it achieved in less than 7 months of operation after it founding  around July 2017. The exchange is said to have the largest trading pairs and currently has offices in Hong Kong, Tokyo , London and Singapore. Binance CEO Changpeng Zhao recently published


Binance CEO Changpeng Zhao recently published through his linkedin page that they have successfully completed the burn of over $30 million dollar worth of binance coin for the third quarter.



According to him.,

Quote
Every quarter, we burn 20% of our profits in BNB. We just burned 2,220,314 BNB (roughly $30,000,000 USD), making our quarterly profit $150m USD. In USD terms, it is a little less than last quarter. In BNB terms, it is more. This makes sense. The older Binancians have pretty much figured this out even before today. BTC price and trading volume (as a rough overall indicator of the industry) have decreased compared to last quarter. As an exchange, we collected less in commissions in fiat terms. But because BNB price was also lower during parts of the quarter, we collected more BNB. This is the designed effect for our token economics. When the price is lower, BNB will be burned more quickly.
Quote

Following the previous burn of  $1.5M for the first quarter and $40M for the second quarter totaling an amount of $71.5M worth of BNB token. Binance is gradually achieving it mission of burning 100M BNB which is half its total supply.


Source : BitZamp
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SlipMart
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April 20, 2018, 02:50:37 PM
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Binance coin is an ERC20 token built on the ethereum blockchain that is mostly used within the binance ecosystem fro transaction. The coin can be utilized to pay expenses on Binance trade.. These incorporate exchanging expenses, exchange charges, posting expenses and  others.
CEOKEY
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April 20, 2018, 03:11:19 PM
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BNB has a strategy to raise their tokens very well, BNB tokens have a clear application rather than the meaningless token of many other projects. After each burn, the price of BNb will grow a new ladder

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April 20, 2018, 03:49:38 PM
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binance it's one of the most popular exchanges on crypto-community!
and they will up they token for trading, i think it's great move!

kativevov
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April 21, 2018, 11:56:11 AM
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I like the concept and I think this project will have a big future . I'll support as many as possible
futureofeth
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April 21, 2018, 12:03:18 PM
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Yes, they are very prominent and doing very great in terms of blockchain industry, CEO of Binance has the great vision towards the blockchain. They are very confident what they are doing and through their 20%, they are burning the coins to increase their price. Very soon Binance coin will become a most prominent coin.

SlipMart
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Today at 04:27:11 AM
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BNB has a strategy to raise their tokens very well, BNB tokens have a clear application rather than the meaningless token of many other projects. After each burn, the price of BNb will grow a new ladder
Kucoin shares also have a good startegy
SlipMart
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Today at 04:28:14 AM
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I like the concept and I think this project will have a big future . I'll support as many as possible
the price of BNB is expected to go higher after the launch of the dex exchange.
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