As its name suggests, Binance Coin (BNB) is the coin of one of the world’s most popular cryptocurrency exchanges, Binance. BNB is a utility token that traders can buy as an investment but also in order to pay fees on the platforms. Developers also need BNB to power applications built on Binance’s blockchain, the Binance Smart Chain. This is really what separates BNB from all other exchange utility tokens.
Due to Ethereum’s massive popularity and congestion, developers began to grow impatient with the inefficiency and explore building decentralized applications on other blockchains. Binance Smart Chain instantly became one of the most popular alternatives due to its developer-friendly characteristics. That being said, it’s not all fun and games over at Binance.
Regulators have put Binance and as a result, BNB under intense scrutiny over the past few years and while it’s had little to no effect on BNB’s price, that very well could change in the coming years. For BNB investors, it’s important to always keep an eye on the news and BNB’s price to ensure your investment is not harmed in any way.
YouHodler aggregates prices from top centralized exchanges to provide an accurate Binance Coin price and charts.
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