In recent months, Binance’s cryptocurrency BNB has become one of the most important crypto assets on the market. Increasing its price significantly, but more importantly, increasing the number of applications within its Blockchain. Despite this, Binance has never sold a single founder BNB for profit, as stated by the CEO and founder of the exchange, Changpeng Zhao, in the Tweet of the day:
In case if you wondering, @Binance team has never sold a single #BNB from the Team Allocation ever. 😎
There were unfrozen, and transferred to publicly viewable addresses, never moved beyond that, other than being burned. 🔥
– CZ 🔶 Binance (@cz_binance) January 19, 2021
Binance has not used its BNB
Founder tokens are a common element within the crypto world. Thus, each time a new Blockchain project goes on the market, we can be sure that a part of the tokens that will ever exist of the cryptocurrency will belong to the founders. This as a mechanism to ensure that the people and organizations in charge of maintaining the project have the financial resources to do so.
In this way, the founder tokens would be a mechanism to stimulate maintenance and innovation within a Blockchain. So it is not surprising that Binance has up to 100 million BNB as foundation tokens. This would represent half of the total supply that will ever exist of the cryptoasset, and it is released in installments for the use of the company.
However, contrary to what many might think, Binance has not made extensive use of this money. On the contrary, according to Binance founder Changpeng Zhao, the exchange has never sold a single founder BNB. Burning all of the tokens they receive to decrease the supply of the cryptocurrency.
“In case you’re wondering, the Binance team has never sold a single #BNB of the team’s allocation. They were thawed, and transferred to public addresses, never beyond that, other than being burned. ‘
Binance has never sold its founder BNB, on the contrary it has carried out massive burnings on fourteen occasions. Source: Binance
Later, Changpeng Zhao also shared the links of the addresses where the BNB is thawed, but not burned. Thus showing that Binance remains attached to the promise made to burn 100 million BNB, cutting the cryptocurrency supply in half.
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