Binance Gets Rid of $23.8 Mln Worth of BNB, Announces Futures Market Testing

Binance has conducted another burn of BNB tokens, this time disposing of over 800,000 BNB and promised a testnet of a futures platform to launch soon

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On Friday morning, July 12, the crypto exchange with the highest impact on the industry, Binance, issuing a blog post, saying that another portion of BNB had been burned with almost 809,000 BNB eliminated.

Binance conducts token burns every quarter. This time a $23,828,000 of BNB was eliminated.

Binance gives up their own BNB for the burn

In the corporate blog, the CEO, CZ, said that for the first time, the team of the exchange has given up part of the BNB allocated for the company’s improvement at the very start (less than a half of the overall emission) and burned them as well. He stressed this fact once again in a tweet.

At present, there are 189 mln BNB in circulation. The company intends to reduce this figure to 100 mln by conducting quarterly burns.

CZ mentioned that this is the first time the team had ever used their BNB – for giving them up for the token elimination. He also promises that all the allocated tokens will be burned.

Futures platform and Binance Visa on the horizon

During the recent AMA that took part in Periscope, CZ also announced the upcoming launch of a testnet of futures market – that is expected to occur before July is over.

CZ also said that the platform is considering the launch of a Binance Visa card.

BNB price responds

After the announcement, the BNB reacted, showing a moderate growth. At press time, the coin is trading at slightly over $31, showing a 4.13-percent rise, as per the CoinMarketCap scale.


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Yuri Molchan

Yuri entered the crypto sphere at the BTC price peak in 2017, quickly turning into a crypto enthusiast. He has written for several media, covering everything from TA to ICOs and crypto regulations. Presently is a news writer, working with crypto and blockchain-related topics.