Apr 18, 2020 ⋅ 2 min read
Binance, a leading crypto exchange, has announced its quarterly token burn totaling $52.5 million worth of its native BNB token. This surpasses its prior all-time high in Q1 of 2018 at the peak of the last bull-market when trading volumes were also at historic highs. While prior burns served as a proxy for exchange revenue, Binance removed language stating they burnt 20% of their revenue changing it to be vaguely based on exchange volume.
Binance’s growth this quarter was predominantly a result of its future’s exchange growing to be one of the largest by volume as well as additional fiat onramps. Binance also broke the news with its estimated $400 million acquisition of CoinMarketCap and more recently a new smart-contract platform.
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