Binance Launches Margin Trading Service

Binance completes the eighth quarterly coin burn for BNB | Source Binance

Binance completes the eighth quarterly coin burn for BNB | Source Binance

The coins are burned to bring the tokens in circulation to only 100 million BNB. At press time, BNB was worth nearly $32, up 5.95 percent over 24 hours, according to CoinMarketCap.

Changpeng Zhao, CEO of Binance who is widely referred to as CZ, said that rather than associating BNB with market activities or holding BNB buybacks, the Binance team will be burning all of their tokens first - all the 2.4 billion Dollars.

See the transaction info below. As it stands now, the total supply of BNB is around 189M which means that 89M tokens have yet to be burned.

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.

Binance employees burned 808,888 BNB, worth almost $24 million, from their own coin allocations on Thursday. "The team will burn their own tokens first".

A sum of 100 million BNB to be burned is the end goal of the team. Now, the team will be fulfilling their commitment to developing the ecosystem of Binance minus any BNB left from the allocation done initially. "All BNB we have are either earned through our services or bought with our own money", Zhao continued.

BNB jumped following the announcement and is up by more than 7% in the past 24 hours (06:07 UTC). Binance's native token, BNB, has recorded tremendous growth throughout 2019, breaching its all-time high on a couple of occasions.

The Binance Margin Trading platform is hosted under a newly optimized interface for accessing both its exchange platform and the margin function to better serve cryptocurrency traders seamlessly within one user account and familiar interface.

But, the most important fact is that this Project proves to be really consistent and with a group of highly efficient people working on it and that is what has made binance one of the largest digital currency exchange in the World today. The price of BNB is $31.72 after a jump of 4.95% was noted. The service now offers: Bitcoin (BTC), XRP, Ether (ETH), Tron (TRX), Binance Coin (BNB), and Tether (USDT).

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