Binance Coin (BNB) is a cryptocurrency created by Binance, the largest cryptocurrency exchange by trading volume. The token is primarily used for trading on the Binance exchange, and the company offers incentives to promote its usage on the exchange.
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Binance’s mission is to provide traders access to a world-class cryptocurrency exchange that can be used in conjunction with its token. Binance’s cryptocurrency exchange possesses a system purposefully built to be efficient, scalable and rapid. The adoption of BNB was to provide the platform with a cryptocurrency with high liquidity to attract traders. Lastly, Binance boasts a large customer support network and extensive language support, allowing it access to multiple markets. In order to ensure BNB maintains its value, Binance undergoes a quarterly coin burn, during which the company uses its profits to buyback BNB and permanently removes it from the supply.
Binance was formed under the guidance of CEO Changpeng Zhao, more commonly referred to as “CZ”. Before the founding of Binance, CZ established BijieTech, a company that specialized in providing cloud-based exchange system to various exchange operators. CZ’s extensive experience in the cryptocurrency world originated from his time at OkCoin, where he was the co-founder and CTO for one of the first cryptocurrency exchanges. Additionally, CZ has worked as the Head of Technology for Blockchain.info as well as Head of Development at Bloomberg Tradebook Futures.
Roger Wang is a co-founder of Binance and the acting CTO. He has extensive experience in the financial sector and is responsible for the management of the technical teams as well as designing and maintaining exchange systems. Wang joined Binance after having worked with CZ at BijieTech. Prior to this, Wang was employed by Nomura Securities, the largest investment bank in Japan. Before his employment at Nomura, Wang also worked at Morgan Stanley, designing and implementing a large financial TB level data warehouse, utilized for real-time data analysis and modelling.
He Yi is a co-founder and the CMO of Binance. She has been a part of the cryptocurrency environment since 2014, having led OKCoin’s branding and marketing strategy. Following this, Yi is now the Vice President of Yixia Technology, a mobile video tech company. Prior to working as the CMO, Yi has held a range of different positions as a university professor as well as a host for a well-known travel TV series.
Allan is a co-founder of Binance and the previous Product Director of BijieTech. Yan possesses over 10 years of extensive experience in product design, user experience and trading. He conceptualized innovative exchange systems whilst working for BijieTech and has worked to push products into a competitive marketplace. Prior to working at BijieTech, Yan was employed by Orient International Holding, a large import & export firm in Shanghai.
Sunny is a co-founder of Binance and the previous Operations Director at BijieTech. Li possesses many years of experience in management roles as well as technology consulting experience. He has led numerous exchange systems projects and provided companies with comprehensive consulting for strategy, operations, risk control and system development. Prior to his employment at BijieTech, Li worked at Accenture as a senior consultant.
BNB can be utilized for a number of different purchases and at Travala.com, it can be used to book over 3,000,000 travel products, including hotels, homes, flights, and activities. With accommodation in over 230 countries and territories, 600+ airlines, and more than 400,000 activities, Travala.com’s selection provides travellers with extensive choice when booking with BNB.
Trading with BNB on the Binance exchange provides many advantages such as a number of discounts for trading fees. Traders that use BNB can save 25% on spot trading fees,25% on margin trading fees and 10% on futures trading fees. Additionally, Binance allows you to convert your dust, small amounts of coins or tokens, to BNB, allowing you to save on trades.
BNB is currently an accepted payment method for several services and goods. BNB can be used to buy digital assets via Decentraland, subscription services such as BitTorrent or PureVPN and be used to pay for freelancers via Canya. You can also earn BNB by completing tasks via Storm.
Visit Travala.com and search for a hotel, home, flight, or other travel product by entering your destination and dates.
Select your desired choice from the available options.
Enter the required traveller details.
Select Crypto as your payment method, then select BNB.
Click Complete Reservation. In your BNB wallet, input the generated address by scanning the provided QR code or by copying the text. Ensure that the exact BNB amount is entered and send the payment.
Click Payment sent. Your transaction will be processed, and you will receive a confirmation email once your voucher or e-ticket is available.
Store your BNB securely with the following wallets:
BNB has value primarily in the form of trading. Traders pay fees when they use Binance’s cryptocurrency trading platform and Binance incentivizes the use of their token on the platform through lower trading fees. Additionally, the quarterly token burn and limited supply of BNB ensure that inflation is kept low and the token’s value is maintained.