Binance Destroys $26 Million Worth of Its Team's BNB Tokens

Binance Destroys $26 Million Worth of Its Team's BNB Tokens

Binance Destroys $26 Million Worth of Its Team's BNB Tokens

CZ mentioned that this is the first time the team had ever used their BNB - for giving them up for the token elimination.

In a blog post, the Binance team revealed they will give up all of their BNB allocations and contribute them towards their commitment to burning a total of 100 million BNB. The coins are burned to bring the tokens in circulation to only 100 million BNB.

Binance has put out a statement announcing that this quarter's burning of BNB tokens will soon commence. At press time, BNB was worth nearly $32, up 5.95 percent over 24 hours, according to CoinMarketCap. As the team is going to burn 80 million tokens, the remaining 9 million will be burned by the exchange itself, he said. The burn transaction can be seen here.

"We are now committing to building the Binance ecosystem without getting any BNB from the initial allocation".

CoinDesk reached out to ask if the team will in some way compensated for relinquishing the millions in BNB.

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The exchange indicates that the 80,000,000 BNB allocated to the team make up 40 percent of the total BNB supply. "All BNB we have are either earned through our services or bought with our own money", Zhao continued. Bringing also BNB very close to their ATH. Binance's native token, BNB, has recorded tremendous growth throughout 2019, breaching its all-time high on a couple of occasions.

He said that while the arrival of institutional demand is one of the most cited reasons by cryptocurrency proponents for this year's rally, individual investors are still playing a key role in driving the dramatic price gains.

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.

As it stands right now, the BNB price is $29 per coin and is looking at resistance levels at $31.50 and above at $33 and $35.

Binance Coin (CURRENCY:BNB) traded up 7.5% against the US dollar during the 1 day period ending at 18:00 PM E.T. on July 12th.

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