Cryptocurrency exchange Binance, which launched with 0% trading fees in an attempt to heat up competition among exchanges, recently announces its Q1 results and revealed that, as planned in its whitepaper, it burned 986,000 Binance Coins (BNB), worth about $1.5 million. These, the exchange revealed, equaled 20% of its profits.
The exchange’s whitepaper details that it will buy back 50% of its total token supply, which equals 100 million BNB tokens, further improving their value. On a LindkedIn post, the company’s CEO Changpeng Zhao further detailed that this means the company made $7.5 million worth of profit in its first few months, and compared it to the $15 million it raised during its ICO.
In the post, Zhao added that it wasn’t easy for Binance to make it in its first few months, as it immediately had to deal with one of biggest turns in cryptocurrency history: China’s crackdown. CCN covered that the company had to delist tokens, issue refunds on ICOs, and block Chinese access…
Read Full: Interview: Bitcoin Exchange Binance on China’s ICO Ban, Burning $1.5 Million in Tokens & More – CryptoCoinsNews