Binance Burns $23 Million Worth of BNB

Binance exchange has completed the eighth quarterly burn of its Binance Coin (BNB). According to the official announcement, the exchange burnt 808,888 BNB which is estimated to be around $23 million.

The exchange also said that the Binance team is giving up 40% of the total BNB supply which was initially allocated to them, and contributing a total of 80,000,000 BNB to the burn. Binance will also continue to burn BNB based on trading volume per quarter.

The eventual total supply of BNB will still be 100,000,000 BNB. The current total supply of BNB is 189,000,000 BNB, which means that 89,000,000 BNB still need to be burned. The team will burn off the 80,000,000 BNB team allocation first, and the remaining 9,000,000 BNB will be burned by exchange. The burning schedule and frequency will be the same as before.

Binance CEO Changpeng Zhao (CZ)

In addition, Binance has been transparent about the fact that the Binance team will continue to be the largest holders of BNB.

At the time of writing, BNB was trading at $31.58, maintaining its price over the last 24 hours. Binance Coin has been among the best performing cryptos this year!

(Image Credit: Binance Blog)