Binance issued its own token called the Binance Coin, with BNB as the symbol. BNB started on the Ethereum blockchain and followed the ERC20 token standard. The token was established with a total supply of 200 million. As per the whitepaper, Binance plans to use 20% of the profits each Quarter to buyback and burn BNB, until 50% of the total BNB supply (100 million) is burned. On April 23rd, 2019, Binance launched their mainnet. BNB will be the native coin on the Binance Blockchain. The BNB token itself has multiple forms of utility, essentially being the underlying gas that powers the Binance Ecosystem. The current most prominent use cases include using BNB to: Pay for trading fees on the exchange, obtaining the equivalent of a 50% discount on trades (during the first year). Monaco has included support for Binance’s BNB token to its platform which includes the Monaco Visa Card and mobile app.
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