What is Binance Coin?
Binance Coin (BNB) is a cryptocurrency created by Binance, one of the largest cryptocurrency exchanges in the world. Binance Coin was launched in 2017 as an ERC-20 token on the Ethereum blockchain, but later migrated to Binance Chain, which is Binance's own blockchain. Purpose and Functionality of Binance Coin Binance Coin was created primarily as a utility token to be used on the Binance exchange platform . The main purpose of BNB was to provide users with reduced fees when trading on Binance. Users could choose to pay their trading fees with BNB instead of other cryptocurrencies or fiat currency, and they would receive a discount on the fee. In addition to being used to pay for trading fees, Binance Coin has since evolved to have other use cases. For example, Binance Coin can be used to purchase virtual gifts on Binance's streaming platform, Binance Live. Binance Coin can also be used to participate in token sales on Binance Launchpad, Binance's platform for launch