Going forward, future token burns will first go through the team's wallet.
On Friday morning, July 12, the crypto exchange with the highest impact on the industry, Binance, issuing a blog post, saying that another portion of BNB had been burned with nearly 809,000 BNB eliminated. With this move, the exchange follows its commitment to reduce the total token supply periodically. However, along with the obligatory token burn, Binance CEO Changpeng "CZ" Zhao announced that his company would relinquish its entire BNB allocation as part of its efforts to promote the growth of the ecosystem. "The team will burn their own tokens first".
As mentioned in the whitepaper, Binance had allocated "40% of the total BNB supply" which amounts to 80,000,000 BNB to the members who contributed to the development of the organization. He also shed light saying that in spite of burning all their allocations, it's likely that the team of Binance will continue being some of the biggest BNB holders because the revenues of Binance are in Binance Coin (BNB) and they are paid in Binance Coins.
The current burn marks the eighth quarterly burn of the token. "All BNB we have are either earned through our services or bought with our own money", Zhao continued.
According to Binance, the exchange raised $15M worth of cryptocurrencies during its ICO. BNB is up over 400% since the start of the year.
"This shows that the Binance team is here for a mission". He also promises that all the allocated tokens will be burned. However, bear in mind, the token burn has not yet occurred which could further push up the price. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Binance Coin using one of the exchanges listed above.
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