Binance, one of the largest cryptocurrency exchanges in the market has reduced BNB supply by 2,216,888 BNB. This is in line with the quarterly burn conducted by the platform. The exchange released a blog post in which they explained this was the 10th quarterly BNB burn and that the coins eliminated were equal to $38.8 million.
Binance Burns Over 2.21 Million BNB Tokens
Binance continues with its quarterly BNB burn that aims at reducing the total supply of BNB. In this recent burn, the exchange eliminated the third largest amount of BNB coins since it was launched. The BNB that were taken away from circulation represented 1.11% of the total BNB supply.
At the same time, this was the second-largest value burnt in USD for Binance since it started with the quarterly burning. The exchange has been expanding in the market in the last years and it became a leader in the cryptocurrency space.
— Binance (@binance) January 18, 2020
The official report about the BNB quarterly burn reads as follows:
“Binance has conducted its 10th quarterly burn, amounting to 2,216,888 BNB. This burn, which represents activity across Binance spot, margin, and futures exchanges, as well as the various solutions, divisions, and partners that use BNB.”
The exchange informs that the 10th quarterly burn represented the first full quarter in which they factored in the performance of the most recent products. While the last year they launched Margin Trading in July, Lending in August and Futures in September, they are now able to reflect the profits from these products in the quarterly burn.
In addition to it, it is worth mentioning that Binance Futures is surpassing the traditional Binance Spot exchange in terms of trading volumes. At the moment, they are only offering Bitcoin perpetual contracts.
Furthermore, Binance.US trading volumes have also been growing and they represent the third-largest exchange in terms of trading volume for the whole Binance company. There are other exchanges located around the world, including Singapore, Australia, Uganda and Europe.
Finally, the exchange explains that traders were better positioned to enjoy the fluctuations offered by the market. In the last quarter, Bitcoin experienced a price fluctuation between $8,000 and $13,000. This could be potentiated by the fact that they are offering some of the lowest fees in the market.