Binance blogged on 09 October that its utility token, BNB, has evolved over the years into a multi-faceted instrument.
The exchange major commenced by informing that BNB was introduced to pay for trading fees at a reduced price. Binance sustained by adding that initially, it offered a discount of 50%, which settled down to 25% on the trading fees. Binance further added that the utility of BNB was solely devoted to trading fees, while fueled the growth of the Binance ecosystem.
Binance shared a quote by SIMETRI, Crypto Briefing’s research arm, which expressed –
“BNB’s utility has increased substantially. The coin finds more acceptance for payments and has been integrated by other companies in financial services such as lending. The largest increases have come from within the Binance ecosystem, however. BNB can also now be used on Binance DEX, as well as the company’s Launchpad and Lending services.”
Binance maintained that its token had grown and set standards while standing tall among industries as a respected digital coin. BNB has been effectively able to serve within its own ecosystem as well as external entities. Binance continued to blog on the multitude of benefits that BNB had brought to the table. BNB occupies a special place in Binance’s own blockchain by powering the various processes within the infrastructure.
Binance went on to share insight on the purpose of BNB for its proprietary DEX (decentralized exchange). Within Binance DEX, BNB is used for payments. The exchange clarified yet another point regarding its platform, Binance Launchpad. This platform uses BNB fruitfully to drive token sales aimed to pool in funds for its innovative projects. Binance Lending, an endeavor to provide lending utilities resulting in the growth of BNB holdings, was another highlight.
Binance gained limelight when it showed its commitment to fight cybercrime. The exchange major aided the law enforcement agencies, which resulted in the gainful execution of the case. Binance worked closely with the cybercrime unit associated with the UK police, to resolve a case involving a Bulgarian suspect. The perpetrator was involved in distributing illicit phishing scripts. Over fifty services were affected due to the activity. The suspect was brought over to the UK from his native venue and justice delivered.