Binance Burns 38.8 Million USD Worth Of BNB Tokens

Information made available to the public has it that Binance has burned 38.8 Million USD Worth Of BNB Tokens. A total of 2,216,888 BNB was burned during the 10th quarterly burn.

Below is the excerpts from the publication about the burn on Binance blog.

“Fellow Binancians,

Binance has conducted its 10th quarterly burn, amounting to  2,216,888 BNB. This burn, which represents activity across Binance spot, margin, and futures exchanges, as well as the various solutions, divisions, and partners that use BNB, from October to December 2019, permanently took away about 38.8 million USD worth of BNB out of circulation. (See the transaction records here: Transfer Transaction 1, Transfer Transaction 2, and Burn Transaction.)

This is the 2nd biggest burn in USD terms and the 3rd highest burn in BNB terms. Moreover, the USD value of the BNB burn grew for a fourth consecutive quarter.

The 10th quarterly burn represented the first full quarter that we factored in the performance of our most recent new products. Last year, we launched Margin Trading in July, Lending in August, and Futures in September. We also drastically increased our roster of fiat-to-crypto options, making our platform more accessible to new users. Right now, we support the use of 24 global currencies to buy crypto on Binance.

The fourth quarter of 2019 was the first full quarter of Binance Futures operations. Since its launch, Binance Futures hit the ground running. What began as just a Bitcoin futures contract exchange has since expanded into a platform that features nine perpetual contracts, three of which had launched just this week (ETC, LINK, and TRX).

Binance Futures now regularly surpasses the Binance Spot exchange in terms of daily trading volumes, even when we only offered Bitcoin perpetual contracts. I’d say that Futures is the biggest catalyst for our coin burn figures this quarter and in the succeeding quarters to come.

October to December 2019 also represented the first full quarter that our American partner Binance.US has been live. Daily trading volumes on Binance.US have been on an upward trajectory, and among the various exchanges in the Binance ecosystem, Binance.US currently has the third-highest volume. Fiat-to-crypto options such as Binance.US, including fiat onramps on Binance.com and region-specific partner exchanges in Singapore, Australia, Uganda, and Europe/U.K. (via Binance Jersey), also contribute to BNB utility in a major way.

While we surely made major strides this past quarter, we also acknowledge that the overall cryptocurrency market has been rife with ups and downs during the fourth quarter. Bitcoin reached as low as $6,600 and as high as $9,500. The fluctuations weren’t as wide as the third quarter of 2019 when the range was $8,000 to $13,000, but by the recently concluded quarter, we’re better positioned to take advantage of these fluctuations while still offering some of the lowest fees in the market, anywhere in the world.

While Binance’s operations play a role in the BNB burn process, we have seen in recent quarters that BNB is slowly but surely decoupling from Binance’s core operations. Ever since we launched Binance Chain in April 2019, BNB drastically increased its utility. We began 2019 with 30+ use cases, and we ended it with 200+. ”

Read the full blog post here.