Changpeng Zhao (CZ), the founder of Binance, one of the world’s largest cryptocurrency exchanges, again claimed that the launch of the altcoin Binance Coin (BNB) was transparent in a recent social media post. He also provided information about the upcoming quarterly burn of BNB tokens. Here are the details…
Changpeng Zhao explained for the popular altcoin
CZ tweeted, “BNB is a fair launch token. No one can receive free BNB tokens from the initial offering. The team never moved or used its tokens. It just happened. “Meanwhile, a new BNB burn (quarterly burn) will take place in the next few days,” he said. This announcement marks the first distribution of BNB. Unlike some tokens that have been criticized for favoring early investors or team members, BNB’s launch is claimed to be structured to ensure fairness for all participants. This means that no one received free BNB tokens from the initial offering.
#BNB is a fair launch token. Ie, no one got free BNB tokens from the initial supply. The "team tokens" was never moved or used, it was only burnt.
Speaking of which, another burn coming up in a few days! 🔥 https://t.co/6YM7O7dPMr
— CZ 🔶 BNB (@cz_binance) October 10, 2023
CZ also emphasized that the team tokens allocated for BNB remain untouched. These tokens have neither been moved nor used since launch. This transparency regarding the team’s assets is intended to create an extra layer of trust for BNB investors. As CZ’s tweet suggests, Binance is continuing its tradition of quarterly burns, where a portion of BNB tokens are permanently removed from circulation. This strategy is often used to control inflation and raise the value of a cryptocurrency over time by increasing its scarcity.
The three-month cremation process is eagerly awaited
The cryptocurrency community will be eagerly awaiting the upcoming quarterly burn as it frequently sparks debates about BNB’s price dynamics and its role in the broader crypto ecosystem. As evident from CZ’s tweet, the burn is expected to take place within the next few days, making it a must-watch event for all Binance Coin enthusiasts. With the expectation of another three-month burn on the horizon, Binance Coin continues to be a topic of interest in the cryptocurrency space.
As we reported as Kriptokoin.com, BNB or Binance Coin is a cryptocurrency created by Binance, one of the largest cryptocurrency exchanges in the world. BNB was first launched as an Ethereum-based token during Binance’s initial coin offering (ICO) in July 2017. However, it was later moved to Binance’s own blockchain known as Binance Chain when it was launched in April 2019. Currently, BNB is changing hands at $209, an increase of 0.38 percent.
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