BNB (BNB)

Trading and Fees

BNB is mainly used to pay for trading fees on Binance Exchange, where users get discounts when they use BNB to pay. It also helps users reach VIP account tiers with extra benefits.

Binance Chain and Smart Chain

BNB powers the Binance Chain and BNB Smart Chain, acting as the gas fee token to process transactions and run applications on these blockchains.

Payments and Purchases

You can use BNB to pay for goods and services, including booking hotels and flights, buying virtual gifts, and purchasing digital items in games or virtual worlds.

Token Sales and Launchpad

BNB holders can participate in exclusive token sales on Binance Launchpad, giving early access to new crypto projects.

Third-Party Uses

BNB is accepted by many third-party platforms for payments, such as travel booking sites and financial services.

Deflationary Mechanism

BNB uses an auto-burn system that reduces its total supply over time, which helps maintain its value.

For more details, visit Binance BNB page.

Pros of BNB

• Strong Ecosystem: BNB is the native token of Binance, one of the largest crypto exchanges, giving it wide use and support.
• Multiple Use Cases: It can be used to pay for trading fees on Binance with discounts, participate in token sales, and power decentralized apps on BNB Chain.
• High Liquidity: BNB is one of the most traded cryptocurrencies, making it easy to buy and sell.
• Active Development: Binance continuously improves the platform and BNB’s features.
• Supply Control: BNB has a coin burn mechanism that reduces supply over time, potentially increasing value.

Cons of BNB

• Centralization: Binance controls much of BNB’s blockchain and governance, which is less decentralized than some other cryptocurrencies.
• Platform Dependence: BNB’s value is closely tied to Binance’s success, limiting its use outside the Binance ecosystem.
• Competition: Faces strong competition from other blockchains and tokens with similar or broader use cases.
• Volatility: Like most cryptocurrencies, BNB’s price can change quickly and unpredictably.

Founders of BNB

BNB was created by Changpeng Zhao (CZ), who is the founder and CEO of Binance. He launched Binance and BNB in 2017. Another key figure involved is He Yi, who is a co-founder and the chief marketing officer at Binance. Together, they helped build Binance into one of the largest crypto exchanges in the world, with BNB as its native token.

Investors in BNB

BNB is primarily backed by a mix of individual and institutional investors, including venture capital firms and crypto funds. Some well-known investors in BNB include Binance itself (the company behind BNB), various blockchain investment funds, and private investors who support the Binance ecosystem.

Key Investor Types

• Venture Capital Firms: These firms invest in BNB to support the growth of Binance’s blockchain projects.
• Private Investors: Individuals who buy and hold BNB tokens as part of their crypto portfolios.
• Institutional Investors: Larger financial organizations that invest in BNB for strategic blockchain exposure.

For the most detailed and up-to-date list of investors, visiting Binance’s official website or their public disclosures is recommended.

Halal Status of BNB

Most Islamic scholars consider BNB halal because it is primarily a utility token used to pay transaction fees and get discounts within the Binance ecosystem. Its main purpose is transactional rather than speculative, which aligns with Sharia principles. However, users should focus on its use for services rather than speculative trading.