Binance CEO Publishes Q4 Recap, Announces Exchange Will Burn $30 Million Worth of BNBJul 19, 2018, 5:35PM
Binance CEO Changpeng Zhao published a letter recapping the exchange's fourth quarter on July 18, 2018, along with some important announcements.
In a letter published July 18 on LinkedIn, Binance CEO Changpeng Zhao provided a recap of the company’s fourth quarter along with some major announcements. Established only a year ago, on 14 July, 2017, Binance has quickly became the world’s largest cryptocurrency exchange by trading volume. Zhao started off by announcing that the company will soon be burning 2,528,767 BNB tokens, valued at approximately $30 million.
The token burn event is in accordance with the BNB white paper, which states,
Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back...We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.
He went on to talk about the success of the BNB token, noting that it has been listed on over 20 other exchanges, even without any input from Binance. BNB is currently the 17th most valuable cryptocurrency on the market.
Binance is Hiring, Adding Ardor Tokens
Zhao concluded the letter by stating that the company is on the hunt for talented developers interested in crypto and blockchain. The company’s current workforce of 260 is rather small in comparison to other exchanges. In another post, Binance also announced the addition of a new digital token to its trading platform. Effective immediately, users can trade Ardor tokens against BNB, BTC, and ETH cryptocurrencies. The last cryptocurrency added was Dent earlier this month, on July 6.
Finally, Binance revealed the measures it would be taking to support the upcoming VEN/VET mainnet swap. VeChain deposits and withdrawals will be halted on July 22, with trading following a day later. Users will receive 100 VET for every single VEN token they held with the exchange. Trading is expected to resume by July 25, 2018.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.