[Xangle Briefing] Binance Coin completes its 10th token burn worth $3.9 M USD, one of the biggest yet.

Jan 22, 2020



- Binances uses 20% of its profits for the burn, like dividend payouts in the traditional equity market.


According to crypto disclosure platform Xangle, Binance, the third largest exchange in terms of liquidity, has completed a token burn of 2,216,888 BNB, worth around $3.9 million USD. 

This token burn is said to be the second biggest in terms of USD fiat value and the third biggest in terms of token quantity. Analysts claim that this can be recognized as an increase in Binance’s overall trading volume, as the token burn is tied in proportion to Binance’s 3-month trading volume (automated by smart contract(s)). 

According to Cointelegraph, Binance is said to use 20% of its profits to cover the costs of the burn, a simliar approach to how companies pay dividendes in the traditional equity market. The effective reduction of total token supply can be compared to a treasury stock buyback.

This content was produced independently by the author(s) and does not necessarily reflect the opinions of CrossAngle Pte. Ltd. The content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Past performance of any asset is not indicative of future results. Please see our Terms of Service for more information.
Xangle or its affiliated partners own all copyrights of the written or otherwise produced materials and content provided on the platform. Any illegal reproduction of such content, including, but not limited to, unauthorized editing, copying, reprinting, or redistribution will result in immediate legal actions without prior notice.