Binance, one of the largest cryptocurrency exchanges in the world has just announced the 11th quarterly BNB Burn related to the first part of the current year. The exchange has burned 3,373,988 BNB coins, which was equal to $52.5 million USD according to a recent official blog post.
Binance Continues With BNB Quarterly Burns
Binance informed they have just registered the biggest BNB burn ever in history, not only in crypto terms but also in fiat volume. The last record for BNB burn was two years ago with 2,528,767 BNB burned. In fiat terms, the end of 2017 was very positive for Binance when they were able to burn $40.3 million in BNB coins. The last burn represented 1.69% of BNB supply.
The exchange decided to perform quarterly burns in order to reduce the supply of the BNB virtual currency. At the moment, the digital asset is the 8th largest in the market with a valuation of $2.48 and a price per coin of $16. In this way, BNB is getting closer to Litecoin (LTC), the seventh-largest cryptocurrency.
During the first quarter of the current year, the crypto space experienced its moments of euphoria and FUD. For example, the first 6 weeks were very positive for the entire crypto market. Indeed, BNB reached a high of $26.5 this year and then it fell to $10 for a brief period of time.
11th $BNB Burn | First Quarter Highlights and Notes from @cz_binance
For our 11th quarterly BNB Burn, #Binance burned 3,373,988 #BNB, equivalent to 52.4 million $USD.
This is the biggest BNB burn ever recorded, in terms of both BNB and fiat volume. https://t.co/dDHk54J8Mp pic.twitter.com/GMw3oV3SDW
— Binance (@binance) April 18, 2020
In addition to it, the first quarter was very positive for Binance, indeed, they have released several products for users and traders. They launched the Binance Cloud decentralized open platform, Binance P2P in 12 fiat currencies and they have introduced the Binance Broker Program to more than 100 partners.
Binance has also invested in several companies such as BxB in South Korean and Numbers, which is a blockchain protocol. Furthermore, they have been expanding their lending and saving programs on its platform.
Changpeng Zhao, the CEO of Binance, wrote about their expansion around the world:
“During the first quarter, we have increased our presence and strengthened ties in more countries around the world. We want to be able to provide access to crypto in as many countries in the world as possible.”
In the future, the burns will continue and will allow the entire BNB supply to be reduced by half. At the moment, there are 155.53 million BNB in circulation.