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Author Topic: Binance announces its third quarterly burn of $30 million BNB on April 15th, 201  (Read 70 times)
RothsCoin
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April 16, 2018, 03:24:36 AM
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On April 15th, 2018, Binance - the largest cryptocurrency exchange in the world- completed its burn of 2,220,314 BNB (roughly $30 million equivalent) in the Third quarter.

Why did Binance burn its tokens? In order to push up BNB price, Binance has planed to burn its tokens on a quarterly basis and spend 20% of its profit to buy back the tokens, thus reducing the market supply. The exchange is likely to earn more profits cause it can provide user-friendly system widely. Exchange having its own tokens is also a great thing because the token holders can enjoy a discount of 50% of the transaction fees. It is such an attractive incentive and encourages more investors to hold the token.
BNB is an ERC-20 based token, developed on Ethereum network. However, Binance claimed to build up and develop its own blockchain named Binance Chain.

How does Binance burn tokens?
The report stated that Binance would make the burns on a quarterly basis, depending on the exchange’s profit. The company will spend 20% of its profit on buying BNB back and burn them until there are only 50% of the total supply in the market. Up to now, Binance have completed 2 burns:
The first one was on October 15th, 2017 with 986,000 BNB burned.
The second one was on January 15th, 2018 with 1,821,586 BNB burned.
and the third one was on April 15th, 2018 with 2,220,314 BNB burned.
At press time, BNB is trading at $13 and 2,220,314 BNB  have just been burned.

Rothscointeam.
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April 16, 2018, 05:42:21 AM
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It is a great development according to the ideology of the exchange. Absolutely, it is as well a plus to BNB token holders as they would enjoy from the positivity. Kudos to Binance
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April 16, 2018, 05:55:00 AM
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Though late in the train of BNB, I'm still in profit from it. Like BNB the KCS too have started the quaterly burn and unlike BNB the KCS is also providing daily bonus for the holders. Though they are a safe coins to invest, you can't aspect a huge rise for them.


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parekoy
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April 18, 2018, 12:42:58 PM
 #4

It is a great development according to the ideology of the exchange. Absolutely, it is as well a plus to BNB token holders as they would enjoy from the positivity. Kudos to Binance

One of the most effective way to pump up the crypto coin market is through burning as investors and holders will be expecting to pump BNB coins every after coin burns due to it's suppressed coin circulation and the demand is now will be higher than the previous market.
There are number of coins that were being burned in the last few months and I noticed this Crypto events since last year.

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April 18, 2018, 12:46:58 PM
 #5

Though late in the train of BNB, I'm still in profit from it. Like BNB the KCS too have started the quaterly burn and unlike BNB the KCS is also providing daily bonus for the holders. Though they are a safe coins to invest, you can't aspect a huge rise for them.

Well, indeed.
These coins BNB, KCS are just simple plain coins that is being the major coins on coins exchanges and nothing more.
Unlike the majority of the cryptocurrencies today that were having their own crypto projects that their coin value will then be based on their projects and working products.
But coin burning is a good move as well to pump up the coin value as investors and holders would expect coin pump in the next few days or weeks right every after the burn.

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