finbold.com
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 $37 Billion, and it will be burned instead of selling at a profit.
#Binance team had an allocation of 40% of the total supply of #$BNB from the ICO days, which is worth just over $37 billion dollars at today's (dropped) prices. We have not sold a single #$BNB so far, and never intend to. We will burn it all. More info: https://t.co/6YM7O7vqDZ
— CZ 🔶 Binance (@cz_binance) April 18, 2021
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.