Binance Coin

By Aleksandra Wilson
2 min read July 29, 2021

Binance, launched in July 2017, is a global cryptocurrency exchange. Its aim is to bring the crypto exchange to the foreground of global financial activity. Besides being the most important crypto exchange in the world, Binance introduced a whole ecosystem of functionalities for its audience. The network of Binance includes Academy, Binance Chain, Research Projects, and Trusted Wallet. All these products are powered by blockchain technology to start a new era of finance in the world. Most of the Binance projects involve the cryptocurrency Binance Coin; this coin is an integral part of their successful functioning. 

The CEO and founder of Binance is Changpeng Zhao. He joined Bloomberg as head of tradebook futures advancement in 2001. He worked for the company for four years, and after that, Zhao become an investment partner at Fusion Systems. For ten years now, Zhao has been closely involved with cryptocurrencies and blockchain technology. Since 2017, he has been the CEO of Binance after he successfully launched it. 

Binance is a one-of-the-kind ecosystem of blockchain-based decentralized networks. In many countries, Binance has become the leading crypto exchange and, while the company’s side organizations are of significant interest to many as well. Binance’s drive for development is one of the company’s most outstanding advantages. The company’s initial purpose was a crypto exchange, although today it has progressed in a number of different spheres. On their website, they mentioned that their goal is to be the infrastructure services provider for the whole blockchain ecosystem. The company also benefits from increased investor interest in Binance Coin. There was a significant price surge at the beginning of 2021, which placed the coin on the map of cryptocurrency investors.

Currently, in circulation, there are 153,432,897 BNB coins out of the total amount of 170,532,785. At first, the coin was among the many tokens run on the Ethereum blockchain. However, later on, the company presented its own blockchain; the coins are secured by BFT (Tendermint byzantine-fault-tolerant) consensus mechanism and are issued from the Binance blockchain.

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