Binance to burn BNB worth $37 billion from 2017 ICO

Binance’s CEO Changpeng Zhao has announced that the exchange team was allocated 40% of the 200 million $BNB minted during the 2017 ICO.

In a Twitter post, Zhao stated that the exchange team would eventually burn all the allocated $BNB tokens. The amount is almost 80 million $BNB, equivalent to almost $37 Billion, and it will be burned instead of selling at a profit.

Crypto exchange Binance completed its initial coin offering (ICO) of 100 million $BNB on July 21, 2017. All $BNB tokens were created before the ICO and were sold within 20 days.

By press time, $BNB was trading at $474, which has dropped by 10.20% over the last 24 hours.

The announcement by Binance comes after the exchange launched a blockchain network. The network aims to compete with ethereum for a share of the decentralized finance.

“It’s used on multiple DeFi platforms built on BSC that provide financial payments solutions. With the growth of BSC, more people are using $BNB, and the more utility it has, the more value it gains,” Binance said.

Notably, the DeFi sector has been surging in the last few months, and the industry might boost $BNB tokens further.