Binance Coin (BNB) is a cryptocurrency created by the global crypto platform Binance. It is mainly used within Binance’s own blockchain ecosystem and related services.
BNB is the native coin of the BNB Chain, where it’s used to pay transaction fees and interact with other crypto network applications, such as sending crypto or using smart contracts. Originally, BNB was launched on the Ethereum blockchain, before moving to Binance’s own blockchain. It plays a central role in keeping the network running and is also used on some Binance services, including paying certain trading fees and unlocking specific platform features, making interacting with the Binance ecosystem cheaper, faster, and more convenient.
Who created Binance Coin (BNB)?
BNB was created by Binance, a cryptocurrency exchange founded in 2017 by Changpeng Zhao. The cryptocurrency was introduced during Binance’s early growth phase to support exchange activity. As Binance developed its own blockchain network, BNB became integrated into the BNB Chain and took on a broader technical role within the ecosystem.
Why does Binance Coin (BNB) matter?
It is required for the operation of the BNB Chain and for interacting with applications built on that network. Without BNB, users cannot process transactions or use smart contracts on the chain.
